North Cyprus News | Turkish Lira Plummeting

North Cyprus News | Turkish Lira PlummetingNorth Cyprus News | Turkish Lira Plummeting

Turkey’s Prime Minister, Recep Tayyip Erdogan, returned to Turkey and gave an hard-liner speech which reversed the small gains the weakening Turkish Lira had been experiencing. Three months ago you could only get 2.68TL for a pound, three weeks ago it was around 2.77TL, but now it is around 2.95TL. This rate of exchange is something not seen for years, although the rate did hover around 2.90TL at the beginning of the year.

So, what is the future for the Turkish Lira? Will it hit 3TL in the next week? Should you invest in lira now? Many people living in North Cyprus, in the past, have opened lira accounts, buying at rates above 2.90TL and not only obtaining high interest rates but when the lira dropped to 2.70TL against the pound they’ve converted back to sterling and made even more money. Will you be one of them or will there be a long term weak lira reflecting long term chaos in Turkey?

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