The Turkish lira has collapsed — this, in turn, has caused serious problems for Turkish importation capabilities. Despite this, deal-hunting tourists have been pouring into the country to cash in on Turkey’s economic misfortune. The majority of tourists come from Asia and Saudi Arabia. With long lines outside luxury brand stores in Istanbul, capitalizing on the lira’s misfortune. The lira is down 16% of its value compared to the U.S. dollar. A tourist from Saudi Arabia, Nasir El-Nabir told local media that, “Everything is getting cheaper and cheaper. It’s like a 30% sale, so I am really affected in a positive way.”
Tourists from neighboring nations are flocking to Turkey in search of a cheap vacation and even better deals on goods as the exchange rate shifts after the lira’s devaluation. The lira’s drop in value has transformed into a serious issue now that President Trump has claimed that the United States will be doubling steel and aluminum tariffs. Xenos Lemis, a tourist from Cyrpus, spoke to local media saying that he was tracking the currency fluctuation. Xenos stated that, “We check the price of the lira every two hours and there is a significant change. So for shopping for a tourist, this is a blessing.” Chinese tourist Kobe Wu Kejia told local media that, “I’m quite surprised because I took a lot of cash from the bank in lira and when I woke up in the morning I found out that I almost lost (the equivalent of) one hundred or two hundred during one night. This is pretty scary.”
The Association of Turkish Travel Agencies (TURSAB) leader Firuz Baglikaya stated that the nation had experienced a 30% increase in tourism over the previous year. Baglikaya said that, “We expect a $32 billion foreign currency inflow. We have a target of having 40 million tourists since 2017, and if there’s nothing negative, this objective will be achieved.” Tourists visiting Turkey‘s historic Eminonu district in Istanbul held mixed emotions over the whole ordeal. A female German tourist with her husband told local media that, “In the first place, of course, it’s an advantage for us. But in second place we also feel kind of sorry because the men in the shop do not earn so much anymore for what it’s worth. So there are these two sides.” Switzerland resident Martin Bifrare said that, “With this economic situation, we could decide, for example, to stay an extra week or to allow ourselves a few excursions that we wouldn’t necessarily have done otherwise.”
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