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Tourists benefit from the calamities of the Turkish lira

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Tourists benefit from the calamities of the Turkish lira Empty Tourists benefit from the calamities of the Turkish lira

Post by RamblerNash Mon Aug 13, 2018 9:05 pm

Tourists benefit from the calamities of the Turkish lira

 Of the purchasing power of the dollar

14/08/2018 - 02:25

Tourists benefit from the calamities of the Turkish lira 787010c7af9062c59168acbc3323c1e4_L

TOURISM (Reuters) - Foreign tourists in Turkey turned to luxury stores to seize opportunities on Monday, capitalizing on an increase in their purchasing power as a result of the country's currency crisis, which pushed the Turkish lira to a record low of more than seven lira to the dollar.

Visitors, mostly Arabs, lined up in rows barely moving in front of shops of Chanel and Lui Vitton in Nishantashi, one of Istanbul's finest neighborhoods, to exploit the fall of the lira, which lost only 18 percent of its value on Friday.

"We buy clothes, we buy cosmetics, we buy famous brands, prices are very cheap," said Fatima Ali from Kuwait, who is visiting the city with her two daughters.

Like many other shoppers, Fatima brought her bags with her to fill them, and waited outside a cosmetics shop with three bags.

The pound has lost more than 40 percent of its value against the dollar since the start of the year, amid fears of Turkish President Recep Tayyip Erdogan's influence on the economy, his repeated calls for interest rate cuts and worsening relations with the United States.

Erdogan also urged the Turks to show hospitality to tourists, who bring dollars to the country at a difficult time.
"You are really very hospitable but keep it up and increase it," he told a crowd of supporters at the weekend. Because at a time when some people are pulling dollars, they (tourists) bring them to you. "

Indicating the weak lira of the scheme, Erdogan has repeatedly called on Turks to sell their dollars to support the local currency.

An employee of a luxury clothing store, who declined to be named, said the number of shoppers was unusually high, even in peak season, citing the weakness of the lira.

An Egyptian shopper said he saved about $ 1,000 compared to buying the same gifts and clothing in his own country.

"For Turkey, we hope the currency will improve," Khalid al-Fahd of Kuwait said.

"At the same time, we hope, for the sake of customers here, to keep the lira as it is."

http://www.basnews.com/index.php/ar/economy/459011

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