Tourists Benefit From Record Inflation
The depreciation of the lira saved tourism in Turkey
The German Focus magazine writes that record inflation in Turkey this year turned out to be not only minuses, but also pluses for the country .
Price growth since the beginning of the year has already amounted to more than 80%, and since September 2021 – 130%. Due to inefficient and outdated economic policies, the lira is falling all the time. For Turkish citizens, this means less purchasing power and less real income.
But the tourism sector is doing great. Because of the low lira, foreign tourists are coming to Turkey en masse, who benefit from this inflation. They can exchange their currency at a high rate, and live, eat, travel and shop at the old lira prices.
The most nimble players in the tourism sector are already riding this trend and taking advantage of it. For example, in coffee houses in the center of Istanbul, in one day in November, a cup of cappuccino rose in price by 25%.
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