Turkey No Longer a Budget Holiday Destination

Turkey's economy has made it no longer a cheap holiday destination for tourists, according to reports. The country's currency policy is a significant factor in this shift, as Bloomberg notes.

The Turkish lira's depreciation rate is being kept below the inflation rate by the authorities, which aims to ease inflation and reduce the burden on consumers. However, this also makes Turkey more expensive for tourists arriving with foreign currency.

According to the Ministry of Culture and Tourism, tourist arrivals declined by 3.6% in May, 4% in June, and 0.3% in July compared to the same periods last year. The largest decline was recorded among European tourists, including an 11% annual decrease in UK visitors.

Travel companies are seeing a shift in demand towards more affordable destinations such as Slovenia, Montenegro, and Tunisia.