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Turkish Political Attitudes Sinking Lira

28 November 2017

North Cyprus News - Turkish Lira

The value of the Turkish lira(TL) against the foreign exchange rate continued falling last week.

According to data from last Friday, one TL was 0.19 UK pounds sterling, 0.21 euros and 0.25 US dollars. This is the lowest point the TL has ever reached, notes Turkish Cypriot daily ‘Kibris’. The paper adds that foreign experts say that Turkey is the country with the lowest balance of payments among the developing countries and that the attitude of Turkish politicians continues damaging the economy and the TL.

Economists in North Cyprus are reportedly concerned about the “astronomic” devaluation of the TL and are expecting that the government takes measures.

Meanwhile, on Tuesday, Kibris reported that the instalment paid by a person who has taken a loan from a bank in pounds sterling to buy a house, had increased by nearly 60% during the past four years. While in 2013 for an instalment of 350 pounds sterling 1.147 TL was paid, in 2017 this sum increased to 1.831 TL.

The chairman of the building contractors’ union Cafer Gurcafer argued that they are obliged to sell houses in foreign currency, because they buy their materials from Turkey in dollars.

Kibris

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