Tourists flocking to malls before international brands raise prices in Turkey


Tourists in Turkey are rushing to malls to buy luxury goods for less before international brands adjust their prices upward to reflect the current rate of exchange, the Cumhuriyet daily reported on Monday.

International brands are unable to keep up with the exchange rate of the Turkish lira as the lira continues to plummet.

Many tourists are going to malls where some stores have queues at the door, with people waiting up to 20 minutes before they can enter.

Luxury brands like Louis Vuitton are favorites among the mostly Arab tourists standing in line.

The Turkish lira slumped to a record low on Sunday, hitting more than TL 7 to the US dollar in Asian trading and losing more than 40 percent of its value against the dollar this year.

The Turkish Central Bank and President Recep Tayyip Erdoğan’s efforts on Monday to calm investors were unsuccessful. The lira gained some of its value back in the morning but dropped again in the afternoon.

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