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Will the drop in Turkey’s lira

3 days ago15 views

Rec7Media

Rec7

Turkey's currency, the lira, has hit record lows, creating a headache for the country's president and pushing up prices on everyday items.

But there is one area reaping the benefits: tourism. Bookings to Turkey have gone up in recent months - although the exact cause is, of course, hard to say.

A favourable exchange rate though can't have harmed the situation: on Friday, the US dollar would buy almost six Turkish lira; at the end of January, it would have got you less than four.

So what has happened to send the lira on a downward spiral and should more tourists take advantage?

What's happened?
The value of Turkey's currency has nosedived since January and has lost more than 34% of its value against the dollar.

It hit a record low on Thursday evening, reaching 6.30 to the dollar, although it has since recovered slightly.

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