Summer boost for holiday spending money.
As the school holidays begin in England the Turkish Lira has started to depreciate against the British Pound (GBP). Last week when the general election results were announced the Lira stood at 2.55 to GBP. But, amid a global downturn in the financial markets and a general worry about global financial risk, the Lira is starting to depreciate. The Lira stood at 2.65 today and looks set to fall further as dealers get their money in to safe havens until things settle down.
Of course this is good news for holiday makers and ex-pats who can now buy more for their pound. But how far will the Lira go this time? Last year, the Lira fell to 3.20 to the GBP. Will we see a similar event this time? We’ll have to wait and see.