Currency trader Compare Currency tell The London Economic how the war in Syria is having dramatic effects on currencies around the world, in particular the Turkish Lira.
Sadly, the war in Syria shows no sign of slowing down. Hundreds of thousands of people have been forced to flee their homes in an attempt to escape the violence. For many travelling overland, the first port of call is one of the country’s neighbouring territories; along with Lebanon, Israel, Iraq and Jordan is the 500 mile border with Turkey.
As the gateway to Europe, Turkey has understandably become one of the most popular destinations for refugees from Syria. As well as struggling with the sheer intake of people, some of the country’s southernmost regions have witnessed a small number of ISIS militants infiltrate the area.
Although by no means a stronghold for the terrorist group, sporadic attacks have occurred in some towns and the threat is real.
This instability and the possible advancement of dangerous militants in the region has had an obvious adverse effect on the number of tourists visiting Turkey. At Compare Currency, we’ve seen the effects for ourselves with the dramatic drop in the value of the Turkish Lira exchange rates.
Over the past year we’ve seen the Turkish Lira fall from a steady fourth place in our rankings of most popular currencies, way down to seventh place.
Even this month, the Turkish lira, which peaked over the year to 4.7192 to the pound, has been on the decline.
The statistics speak for themselves. In 2014, the number of tourists visiting Turkey was at an all-time high – over 41 million. Fast-forward a year and the numbers are very different. In 2015, the number of people holidaying in the country had dropped to a little over 36 million.
For many years, Turkey has been a favourite with UK holiday makers. Istanbul, the crossroads between Europe and Asia, has been a draw to millions eager to see the city’s famous architecture and sample its fabulous cuisine.
Sun seekers have flocked to the country’s beaches, Bodrum being a particular favourite for British travellers. But now, political tensions seem to have slowed the tide. With tourism such an important driver for the country’s economy, it’s no wonder that we’re seeing the Turkish lira suffer as it is.
Hopefully, with tighter security and an improved method for handling the crisis on its doorstep, Turkey will see its tourist industry begin to flourish again.
For up to date information and to find the best turkish lira rates, visit Compare Currency.
Featured image: By VOA – VOA, Public Domain, https://commons.wikimedia.org/w/index.php?curid=38209047