Expats in Turkey taking full advantage of shrinking lira

Published:  17 Aug at 6 PM
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As the Turkish lira shrinks thanks to Trump tariffs, UK expatriates living in Turkey are going on spending sprees.

As the near-collapse of the Turkish lira due to the effects of the Trump administration’s tariffs continues, one pound sterling now buys 89 per cent more of the local currency than in August last year. Expats and holidaymakers are taking full advantage of the situation, with a pint of beer now costing the lira equivalent of £1.22 – a price last seem in 1990! Bargain-hunting tourists are arriving in droves, and UK expats are making the most of their UK state pensions.

The Turkish beach resorts of Antalya and Marmaris haven’t seen numbers like this since before the terrorist attacks which took the shine off a Turkish holiday, and retirees are more than happy to enjoy the extra-high exchange rate whilst it lasts. Those changing £500 will receive the equivalent of £235 more than in 2017. Visitors already on holiday are busily upgrading their accommodation and heading for high-end restaurants every night, and the upscale leather goods shops are coining money and running short of stock. At the present moment, prices for accommodation, food, tours, boat trips and everything else which makes for the perfect holiday are approximately half those in Greece and Spain.

Turkish foreign exchange businesses are running out of lira due a massive increase in demand, with the rate on 16th August reaching an all-time high of 8.16 to the pound. Low-cost airlines have doubled their flights to the region, and in-resort costs are the cheapest for many years. However, it’s not good news for all as UK companies linked to Turkey have seen their share prices fall, with the FTSE down as a result, and banks in Europe with exposure to Turkish business loans are starting to worry.
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