The Turkish Lira exchange rate weakened against the Uk Pound for third day running this week.
For example, if you were holding £50,000 in Lira on Monday it would now be worth just over £48,000, a huge drop and squeaky bum time for investors.
The above is due to tomorrows general election (7th June 2015) where its rumored the ruling AK Party will loose its majority resulting in a coalition party being formed.
“In this high-stakes election, it all hinges on the HDP. The AKP has been dominant for more than a decade but they’re now incredibly vulnerable, largely because of one single party, the HDP,” said Wolfango Piccoli, managing director of Teneo Intelligence, a London-based risk consultancy.
For those wishing to travel to Turkey for a holiday or business, this is good news as your Pounds will buy more Turkish Lira travel money .Happy days for you.
If you're looking to move Lira into UK Pounds you would be well advised to postpone your transaction until after the above election. Keep an eye on the Turkish Lira bank to bank transfer rates.
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06/06/ 2015 - Turkey election: The least predictable for over a decade
07/06/2015 - Turkey votes in crucial election
08/06/2015 - Prospect of Instability Looms as Turkish Voters Deny Erdogan AKP a Majority
