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 Financial Problems
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Turkish Central Bank raises interest rates and buys Lira for first time since 2004 -- attempting to slow its monetary slide...  Click for enlargement. Thanks to Hürriyet Gazetesi -- 14 June 2006
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Continuing Financial Problems of the Domestic Currency
It's been almost a month since we first brought Turkey's currency problems to your attention -- see our blog of 17 May 2006, Inflation/Devaluation of the Turkish Lira (http://www.learningpracticalturkish.com/inflation-devaluation--006-05-17.html). At the time we noted that during the one week period between 8 and 17 May, the value of the Turkish Lira fell against the US dollar (and other 'western' world currencies) by about 15%. Well, its value has continued to fall since then. It did slow its descent momentarily after an extraordinary intervention by the new Finance Minister Durmuş Yılmaz on 7 June -- when he increased Bank Interest rates a whopping 1.75% in one go. But then it resumed its downward monetary slide. So Yılmaz intervened again yesterday, buying Lira for the first time since May 2004 -- as the Lira's value fell to just over 60 cents to the US$. The Finance Minister's move helped some (see illustration above) -- and at close-of-business, the currency's monetary value stood at about 62 cents to the US$. But, any way to look at it, that's a loss in value since May 8 of about 18%. As we mentioned in our May blog, this drop in the Lira's value provides a financial windfall opportunity for you prospective tourists out there -- to realize a substantial cash-money discount on the Turkish portion of your holiday-booking and anything you buy here while vacationing. But we again encourage you to remind your holiday-booking-agent about your financial savvy when you book -- to ensure that it's you who gets the financial benefit. Lest the agent 'forget' (perish the thought) and later 'find' the cash-money discount in his/her own pocket... |
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© Learn Turkish of the People! - Financial Problems of the Turkish Lira, May-June 2006
