Turkey taps foreign revenue to support its economy

Thursday, August 25, 2022

Over a dozen holidaymakers climbed into the basket of the hot air balloon for getting breathtaking views of the moon-like scenery of Turkey’s Cappadocia province.

Owner of the balloon ride Mehmet Halis Aydogan said that the hot air balloon rides are fully booked and he is happy for this reason. It is one among around 140 that occupied the sky every day of this month.

After two years of coronavirus induced disruption and hiatus, tourism in Cappadocia, similar to the rest of Turkey, is on its course for a record-setting year, supported largely due to the drop in the worth of the lira that has made Turkey aninexpensive holiday destination compared to its European competitors.

Foreign visitor numbers went up by 53 per cent year-on-year during the month of July, as per government figures. The thriving summer tourism season is a much anticipated relief not only for local trades but also for Turkish President Recep Tayyip Erdogan and his executives, who are striving to bring in as much foreign currency as possible to bolster the country’s economy.

An increasing energy import bill instigated by an increase in global prices ensuing from the Ukraine war has led to a broadening inequity between Turkey’s imports and exports. This has created a pressure on the lira, which has declined from an exchange rate of around 8.6 to the dollar a year before to more than 18 currently, exhausting Turkey’s foreign exchange reserves.

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