UK (0)28 3026 3207 / ROI +44 (0)28 3026 3207

Turkish Lira “meltdown” spreads to other currencies, as fears remain over the effect on Europe.

15th August 2018

Turkish Lira has sent global currencies tumbling with the Indian rupee hitting a record low and the South African Rand, Argentine Peso, Mexican Peso, Brazilian Real and Russian Ruble also falling.

Turkish Lira has sent global currencies tumbling with the Indian rupee hitting a record low and the South African Rand, Argentine Peso, Mexican Peso, Brazilian Real and Russian Ruble also falling. Those countries (like Turkey) are heavily dependent on foreign capital, especially the US dollar. This is worrisome given that Donald Trump announced a doubling on tariffs of steel and aluminium from Turkey. Meanwhile in Turkey whispers on social media of capital controls and the Turkish government seizing foreign-currency deposits is spooking investors. Turkish President Erdogan is threatening those who have made the comments with criminal action.

This year Turkey has become the most popular destination for British tourists as the Lira crashes in value. Airlines report selling double the usual amount of seats to Turkey as the Lira has plunged 43% vs the Pound in 2018. Currency sales of Lira remain strong. For all your currency needs call us 02830263207

GBP/ TRY - 7.03
GBP/ ZAR - 17.00
GBP/ INR - 16761
GBP/ ARS - 33.65
GBP/ BRL - 4.47
GBP/ MXN - 22.31
GBP/ RUB - 78.85

Key:
TRY - Turkish Lira
ZAR - South African Rand
INR - Indonesian Rupiah
ARS - Argentinian Peso
BRL - Brazilian Real
MXN - Mexican Peso
RUB - Russian Ruble

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