Your Next Turkey Trip Just Got Much Cheaper. Here's the Bad News
- Multinational banks and automakers have invested in country
- Weak lira will shrink local profits, make production cheaper
This article is for subscribers only.
Last-minute bargain hunters can swoop on Turkey for a good deal following a plunge in the currency -- from vacations at lavish Bodrum resorts to high-end Hermes and Chanel handbags that have suddenly become as much as 25 percent cheaper than in Paris, Dubai or Beijing.
But on the flip side, corporate profits from selling goods locally are dwindling by the day when converted to home currencies: manufacturing of heavy trucks or industrial machinery, and financial services all stand to suffer.