The depreciation of our currency was a result of a (stupid) deliberate decision made by Erdogan himself to win the presidential election, which will likely lead to his removal from office in the next election.
I usually refrain from commenting on other countries, because I am interested only in Iran and our own internal problems; However, one has to note that the devaluation of the Turkish Lira is a direct result of Erdogan's monetary policies.
When the head of the Turkish Central Bank did warn him about the consequences of suppressing the interest rate artificially, Erdogan removed him because of his Islamic dogmatism. Turkey needs to adjust bank interest rate based on inflation rate, like all modern economies do.
The truth is that the devaluation of Iranian Rial is also mostly due to incorrect monetary policies rather than sanctions.
Inflation in Iran is estimated at 60% to 80% officially, while in some places like Tehran it is well above 100%, or even 120%. Yet, the bank interest rate has been fluctuating between 22% to 24% for the past 15 years, leading to people investing their large sums of money elsewhere, particularly in sectors like housing, cryptocurrencies and gold. This has led to uncontrolled liquidity in major sectors that affect the price of necessity goods and loss of capital from smaller markets which is the primary reason for the explosive devaluation of the Iranian Rial while we're in a recession!
Even after the war started, the Ayatollah regime failed to set new monetary policies. In this situation, if I were the President or the Head of the Central Bank, I would immediately increase the interest rate to 60% and divert the liquidity towards agriculture, livestock farmers, our armed forces and high-tech industries. We should prioritize food, rent control and weapons for now and forget about GDP growth until the war is over.
The economy is down the toilet already. People are getting bankrupt, the private sector can hardly pay its employees minimum wage which is about $100 per month now, millions of people have been fired from their jobs, and our stock market has been underperforming even against annual inflation in the last decade or so. There's no reason for this uncontrolled liquidity in Iran. Iran's stupid monetary policies has caused the devaluation of Rial by 75% against the USD in less than 2 years. This is insane and will have catastrophic results if it doesn't change.