Tourists grab luxuries after rout of lira
Turks’ purchasing power has been slashed but foreign shoppers are cashing in
Istanbul — The collapse of the Turkish lira has caused trauma as Turks’ purchasing power has been slashed, but foreign tourists visiting the country at the peak of the summer season are cashing in on a currency windfall. Visitors, mainly from Saudi Arabia and Asia, formed queues in Istanbul outside luxury stores like Louis Vuitton, Chanel and Prada after the lira took a hit against the dollar, losing more than 16% of its value on Friday. "Everything is getting cheaper and cheaper," said Saudi Arabian tourist Nasir El-Nabir, outside a chic store in an upscale Istanbul district. "It’s like a 30% sale, so I am affected in a positive way." Laden with shopping bags, tourists have enjoyed a shopping bonanza before retailers hike prices to take account of the lira’s devaluation, under the slightly bewildered gaze of Turks, who have borne the brunt of the crisis. The queues suggest that the plunge in the lira, driven by Turkey’s bitter dispute with the US, is set to give a boost to the tour...
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