Panic Buying of Foreign Currency Ahead of Turkish Election

North Cyprus News - Turkish Lira

Monday, 15 May 2023 

Sterling rose to 29 TL on Friday ahead of the presidential elections in Turkey, Yeniduzen reports. 

Meanwhile, around 91 percent of the votes have been counted, the delay is caused by the fact that many voters live overseas. Nevertheless, a run-off election seems likely between President Recep Tayyip Erdoğan and his main rival opposition leader Kemal Kılıçdaroğlu as neither candidate has reached the 50% threshold for an outright win. 

Exchange rates soared at the end of last week, while the public and business communities looked on with concern about the final outcome of the presidential elections. 

Prior to the 14 May elections, there  was an increase in demand for foreign currency fearing that the Lira would devalue even further. Banks limited the amount of foreign currency they would sell so people flocked to currency exchange bureaus. All rents are charged and most imported goods are purchased in foreign currency.

On Friday, exchange rates on the free market saw 23 TL to the Dollar, 25 TL against the Euro and 29 TL against Sterling.

However, this morning, the lira has risen to 24.54 against Sterling this morning, according to XE.com.

Yeniduzen

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