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A lot of debt is held in foreign currency and imports just got a whole lot more expensive in a handful of days. This is a serious blow, especially if Turks lose
by jules 8y ago
A lot of debt is held in foreign currency and imports just got a whole lot more expensive in a handful of days. This is a serious blow, especially if Turks lose confidence in the lira. I can assure you that Erdogan is getting nervous. He can talk about boycotting Apple and buying Samsung all he wants; both phones are now unaffordable for a lot of people who were planning to buy one. Those people aren't going to be terribly happy about Erdogan's flirt with Russian missile systems.
- tehlike 8y agoFor sure. Exchange rate fluctuation of this magnitude is never good. I know companies that worked with dollars are finding excuses not to bill their clients because of exchange rate volatility (if they bill now, and dollar rises after, the seller/biller would take a loss).