Drop in Turkish Lira value, a concern for everyone

There are serious concerns for many people who are renting houses and have bank loans because the exchange rate of foreign currencies against the Turkish lira (TL) is constantly rising, due to the coronavirus pandemic. 

As at Friday, the British pound rose to 8.35 TL, the euro to 7.37 TL and the dollar to 6.73 TL.

Professor at the Cyprus University of Sciences, Dr Erdal Güryay said that foreign exchange influx is diminishing due to the severe decline in tourism and the delay of exports and imports, while the demand for foreign currency and less of the TL are increasing.

He said that coronavirus greatly affects this condition. 

Production is falling, demand is falling, incomes are falling and all this is seriously affecting it, he said.

Predicting that the TL would be further depreciated if this path continued, he said

Turkey needs to channel money into the market to beat this stagnation.

Source: LGC news