Dollar Rate Sets a New Record in Turkey: This is the Best Time to Invest in TurkeyTue, Dec 7, 2021 12:00 AM
Turkey is experiencing some minor problems in its economy. The Dollar Rate increased up to 13 Turkish Lira and it is an all-time record! This attracted the attention of many international investors.
After President Recep Tayyip Erdogan’s statement about the increase in the exchange rate also increased employment right after the cabinet meeting on November 22, the dollar rate skyrocketed. It broke a new record by reaching 13.46 Turkish Lira. Besides the Dollar, the Euro rate reached 15.16 and the Sterling reached 18.
The Central Bank of the Republic of Turkey (CBRT) cut interest rates by a total of 400 basis points during September, October, and November. This decision was contrary to market expectations and accelerated the depreciation of the Turkish Lira.
Is It a Planned Depreciation?
Many experts and analysts believe that depreciation is a planned strategy to attract more investors to the country. Considering the facts and statistics, it seems like this method is working. The number of investors deciding to invest in Turkey is increasing every day.
Besides individual investors, corporate investors and even countries such as the United Arab Emirates and Qatar are investing in the country. These investments build trust for other international investors who are hesitant about Turkey’s economy.
On the other hand, it seems like Turkey switched its economic strategies and adopted a China-like approach. Considering its strategic location, Turkey can attract more European companies to move their production lines to the country. Lastly, IKEA announced that they are going to move all their production lines to an industrial zone in Bursa, Turkey.
Should You Invest in Turkey These Days?
If you are planning to invest in Turkey or looking for a promising country to invest in, Turkey is one of the best alternatives and this is the right time. You can benefit from the depreciation of the Turkish Lira and enjoy the affordable prices before they increase.
Turkish people are confused a lot due to the great depreciation of the Turkish Lira during the last three months. Soon, they are going to notice the number of foreign investments the country receives, and they will start to gradually increase the prices. Already, the real estate market increased by 30% in the last year!