What The Turkish Lira Drop Means For Your Holiday
A holiday to Turkey just got cheaper! Since the beginning of this year, the Turkish Lira has been on a downward slope, hitting a record low in August. In the last few months, it has lost 30-50% of its value against the dollar, now equalling only Rs 13, and becoming the worst performing currency this year. That is, however, good news for travellers from around the globe, including Indians.
Why Did This Happen?
Inflation has had a big role to play in this phenomenon, driving hordes of travellers to benefit from the situation. Other factors like mounting debts, blatant government borrowing and foreign funding have only added to this situation.
What Is The Tourism Trend?
The tourism trend over the last few years has been constantly fluctuating, rising steeply in 2013 and falling in 2016 because of political turmoil. According to media reports, the first half of 2018 saw over 20 million tourists flocking to Turkey, partially owing to the currency drop. Besides this, of course, the cause of the rise in tourism is the country’s beautiful sights and sounds, not to mention the exquisite food, vibrant culture, sandy beaches and natural wonders.
What Does The Currency Drop Mean For A Traveller?
You can now holiday in Turkey at almost a 30% lower rate than you’d otherwise expect to pay. The rates may not be drastically low, but they will significantly impact the cost of eating, shopping and sightseeing in favour of the traveller.
Travellers will now see their budgets expanding to include opportunities for fine dining, unique excursions, premium accommodation, and shopping for luxury items. For instance, a great meal for two will now cost about Rs 1,500, as opposed to Rs 2,500 – 3,000 earlier. As of now, Turkey offers you your money’s worth.
What To Expect In 2019?
After a significant slump in tourism in the last year or two, the rise this year has boosted the country’s revenue in the billions. A third airport in Istanbul, completion of some prominent architectural landmarks, increase in the number of flights, and new art and culture venues will attract tourists in the next few years.
However, experts suggest that this will take some time and the exchange rate is not predicted to settle at a comfortable rate anytime soon. You can expect year 2019 to continue to offer excellent value for money.
So if travelling to Turkey has been on your mind, the time to go is now!