The fall of the Turkish currency, the lira, and the trade war with the US starting to take their toll for the Turks themselves. It is more difficult to get credit to buy.
The free fall of the lira is (for now?) stopped. After the koersduik with 19 percent, last Friday and Monday, the Turkish currency on Tuesday and Wednesday, more than half of that loss offset. That improvement came after a series of monetary measures of the central bank of Turkey, against speculators that the exchange rate of the lira, undermined. Furthermore, pumped the central bank in Ankara billions of fresh money in the market.
Yet to escape the Turks to the most strict forms of kapitaalcontrole, such as a ban on free money from the bank accounts (such as the Greeks is to happen in 2015). But since yesterday there are however stricter rules for opening of a consumer credit. The duration is now limited to 12 months, and for some products, such as electronics equipment even three months.
Meanwhile, the confrontation between the regime in Ankara, and the government-Trump in the US ever-further. In response to the doubling of U.s. import duties on Turkish steel and aluminium, called the Turkish president Erdogan on Tuesday to a ‘boycott’ of all American electronics, including the iPhone.
Yesterday there were additional retaliatory force. So, Turkey has a tax on American alcoholic drinks with 140 percent built, and on cars with 120 percent.
The crisis has also winners: the tourists who these days stay in the country. They can, just like the Turks who live abroad and in the summer to their homeland to travel, doing good business in the luxury shops in the cities and resort centers.
By the depreciation of the lira also the prices of luxury products has declined, however, for those who can fall back on euros or dollars.
The Turkish media reported on Turkish luxewinkeliers that was overrun by foreign customers. At a Chanel store in Istanbul, there was a long queue, up on the footpath.