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Is Turkey cheaper now that the currency is devaluing?

  • 13-08-2018 10:24am
    #1
    Zascar
    Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,781 Mod ✭✭✭✭


    As you may have seen from the news the Turkish Lira is hitting new lows - with its currency seriously devaluing in the past few days and weeks. I'm wondering would this now be a great place to holiday since you can benefit from even cheaper prices?

    I was looking into package deals, however they would have had their prices set many months ago. What would be the best way to get a really good deal at current rates? Or if I get should I get flights and then book accommodation locally?


Comments

  • #2
    jhegarty
    Registered Users, Registered Users 2 Posts: 6,441 ✭✭✭jhegarty


    As the currency goes down it will get cheaper when paying in Euro.

    As the currency goes down the chance of civil unrest/war goes up.


  • #3
    Amirani
    Moderators, Society & Culture Moderators Posts: 12,547 Mod ✭✭✭✭Amirani


    In some senses, yeah, currency devaluation will make Turkey cheaper to holiday in.

    However, Turkey is very dependent on imports. As the lira devalues, all Turkish imports suddenly become more expensive. If any of these imports are a factor of production in the goods or services you're using as a tourist, then you'll see price increase here. I've noticed this while travelling in the likes of Argentina - the massive devaluation of the peso there leads to a situation where you can get local goods really cheap e.g. top quality Argentinian steak for €5 but if you go to buy something like a pair of Levi jeans it's going to cost you €200+.

    Overall it should reduce prices for tourists, but as jhegarty says, that can have other non-economic knock-on effects.


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