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Devalued TL and Flailing Economy

North Cyprus News - Cyprus University of Sciences - Dr Erdal Güryay
Dr Erdal Güryay – Cyprus University of Sciences

There are serious concerns for many people who are renting houses and have bank loans because the exchange rate of foreign currencies against the Turkish lira (TL) is constantly rising, due to the coronavirus pandemic. Yesterday the British pound rose to 8.35 TL, the euro to 7.37 TL and the dollar to 6.73 TL.

Professor at the Cyprus University of Sciences, Dr Erdal Güryay said that foreign exchange influx is diminishing due to the severe decline in tourism and the delay of exports and imports, while the demand for foreign currency and less of the TL are increasing.

He said that coronavirus greatly affects this condition. “Production is falling, demand is falling, incomes are falling and all this is seriously affecting it”, he said, and predicted that the TL would be further depreciated if this path continued. “Turkey needs to channel money into the market to beat this stagnation”, he argued.

Yeni Bakis

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