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Please explain why Turkey should be cheaper since the lira has dropped 20% recently. Will this help an American?

Please explain why Turkey should be cheaper since the lira has dropped 20% recently. Will this help an American?

Mar 31st, 2008, 01:38 PM
  #1  
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Join Date: Jan 2003
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Please explain why Turkey should be cheaper since the lira has dropped 20% recently. Will this help an American?

logos 99 on another post just said that Turkey should be cheaper for visitors since the lira has dropped 20% in the past 6 weeks. I'm confused about this. When we visited last year, I noticed that many hotel quoted prices in euros. I think many tourist restaurants did too. I can't remember how such things as Topkapi were priced--lara or euros. Obviously, grocery stores, gas stations, and similar places charge in lira, so I can understand how this aspect will be cheaper.

Here is the part I can't figure out. Nothing will change for all those prices that are quoted in euros. Correct? And, as an American who is living with a very weak dollar, this decline in the value of the lira will have very little impact on me because I need to predicate my prices on those expensive euros. Correct? Or, am I wrong? I ask becaue my husband and I have discussed returning to Turkey this year. Thanks.
julies is offline  
Mar 31st, 2008, 05:05 PM
  #2  
 
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When you go to Turkey, you will buy new turkish lira from your atm. You will then use that currency to buy meals, admissions, etc. Right now it costs about $.75 to buy one YTL, and 6 weeks ago it cost $.83. If you use a credit card to pay for hotels, restaurants, admissions, etc., be sure you are charged in YTL(new lira). If you allow places to bill you in dollars or euro, it will be more costly, due to several factors.

By the way, the YTL is trading today about $.75, and a euro costs $1.56. I was in Turkey 2 1/2 years ago, and the YTL was $.75, and the euro was $1.22. Do not let them charge you in euro--pay in YTL gotten from your atm, or use your credit card.
Barb_in_Ga is offline  
Mar 31st, 2008, 07:22 PM
  #3  
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Thanks. Your answer makes sense in that hotel prices are quoted in euros and lira sometimes, and I should go for the lira rather than the euro quotation.
julies is offline  
Mar 31st, 2008, 08:59 PM
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Yes, use liras! It drops like a stone right now. The constitutional court is diciding on a ban of the leading political party that should be dissolved, prime minister and president removed from politics. In that case, the army would take over power again. Given the popularity of those religious politicians you can never be sure what happens next.
logos999 is offline  
Mar 31st, 2008, 09:00 PM
  #5  
 
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But yes, it's only down 15% against the USD, wonder why this is.
logos999 is offline  
Mar 31st, 2008, 09:46 PM
  #6  
 
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And don't let poster here tell you that that would be just another coup d'état and everything is fine a week later. (Well, that may be...)
Because ten years ago people weren't as religiously fanatic and governed by a religious party. The high birth rate has been compensated by good economic figures in the recent years. Everybody was better off. Should the economy get worse or just "normalize" they'll have difficult times ahead.
logos999 is offline  
Mar 31st, 2008, 11:09 PM
  #7  
DAX
 
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Now that will only increase the use of the new turkish lire coin in place of the 2 euro coin. They both have the same size and gold/silver design. It seems that there are more and more accidental mix up.
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