Record turnout for purchase of Turkish lira in Kuwait

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Luxury Turkish products now less expensive

KUWAIT CITY, Aug 16: An unprecedented turnout of Kuwaitis – both individuals and traders – who thronged the exchange markets to benefit from the sharp drop in the value of Turkish lira was witnessed on Wednesday, Aug 15, reports Al-Nahar daily.

The decline in the value of Turkish lira has invoked interests for travel, tourism and import of various types of Turkish products especially luxury products which have now become less expensive. A number of money changers said they are expecting the value to reach record levels of up to KD 90 per 1,000 lira from the pre-crisis value of KD 85 per 1,000 lira.

They highlighted the measures taken by the Turkish government which recently managed to mobilize a large turnout for the purchase of lira to the extent that the trading price reached the ceiling of KD 61 per 1,000 lira up from the lowest price on the trading screens at KD 43 per 1,000 lira. On the other hand, some bankers said what happened in Turkey is the beginning of a crisis and not the end.

However, others feel the impact would be great for the assets relying on lira, indicating that there are large Gulf exposures to Turkey because of the huge investments there and showed the dollar assets will be the least harmful.

Meanwhile, Turkish statistics reveal Kuwaitis are in fifth place after Iraqis, Iranians, Saudis and Russians in terms of foreigners buying real estate in Turkey in July. According to the data issued by the Turkish Statistics Agency, Kuwaitis bought 171 properties in Turkey last July. Iraqis topped the list with the purchase of 584 properties followed by Iranians in second place with 321 properties, Saudis 211 and Russians 173.

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