Surge in demand for Turkish lira as UK holidaymakers eye unprecedented rates

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Foreign currency suppliers in the UK are struggling to meet demand for Turkey’s collapsed currency.

UK holidaymakers changing £100 on Tuesday could get 880 lira, up from 680 lira on August 9.

This has led to a surge in people buying the currency at unprecedented rates.

Post Office Travel Money apologised to holidaymakers who have struggled to get hold of lira from some of its branches.

In the past week it has seen demand almost triple compared with the same period in 2017.

A spokesman for the firm said: “We currently have strong supplies of Turkish lira across the Post Office network, however a small number of branches may be running low on stock due to the unprecedented demand.

“We expect to replenish stocks over the next 24-36 hours to those branches with limited stock and apologise if any customers have experienced delays when purchasing currency.”

Thomas Cook Money – which is supplied by Travelex – has also been running low on lira.

Managing director Anth Mooney said: “With the lira in high demand across our stores, we’re advising customers to put money on a pre-paid card which locks in the unprecedented rates now to spend on holiday later.”

Turkey’s currency crisis has been triggered by concerns over president Recep Tayyip Erdogan’s economic policies and a trade and diplomatic dispute with the United States.

The weakened lira is fuelling a growth in demand for holidays to Turkey.

Thomas Cook has reported a 63% year-on-year increase in bookings to the country during 2018 and Antalya has overtaken Spain’s Palma de Mallorca as the company’s most served airport for UK customers.

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