Pursuits
The $31 Luxury-Hotel Rooms That Are Spooking Turkish Banks
- Denizbank CEO sees $10 billion drop in tourism revenue in 2016
- Downturn may last two to three years, Denizbank's Ates says
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Last month Israelis were up, Russians down, and the Dutch seemed unfazed. Yet total tourist arrivals to Turkey fell 10 percent compared with February 2015, a blow to an industry that owes $17 billion to the country’s banks.
The drop in arrivals in February, the biggest in a decade, marked a record seventh consecutive month of declines as terror attacks which have been striking Turkish cities since last summer begin to weigh on the economy.