The Decline in the value of the Turkish lira attracts shoppers across the border

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Turkey TurkeyBulgarian citizens flocked to Turkey to shop, after the Turkish lira collapsed against their local currency, the Bulgarian lev as well. The currency crisis continues in Turkey, reaching 15.28, but it is remarkable that the depreciation of the Turkish lira is not limited to the euro and the dollar only, but the Bulgarian lev is also rapidly gaining value against the lira.

As the Turkish lira became among the currencies that lost the most value in the world in 2021, a large number of tourists flocked to Turkey from neighboring Bulgaria.

Looking at the short-term relationship between the Bulgarian lev and the Turkish lira, the dimensions of the currency crisis are more clearly understood; According to central bank data, while a single Bulgarian lev was 5.33 Turkish lira in June 2021, it had risen to 8.44 Turkish lira on December 15, 2021.

The lev gained 60% value against TL in just 6 months. The price of the lev, which was 7 Turkish liras in November 2021, when Bulgarian citizens flocked to Edirne to shop, rose 20 percent more in one month. Turkish citizens used to go to Bulgaria for shopping in the past, but after the exchange rates rose, the situation was reversed.

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