Many Turkish consumers invested in gold and foreign currencies are choosing to cash in their recent profits

Many Turkish consumers invested in gold and foreign currencies are choosing to cash in their recent profits due to high exchange rates and gold prices by purchasing foreign cars, resulting in significantly increased vehicle sales in August, a top Toyota executive told Today's...

Select Your Countries:
Albania
Bosnia and Herzegovina
Bulgaria
Croatia
Cyprus
FYROM
Greece
Montenegro
Romania
Serbia
Slovenia
Turkey
   

    
Select SIX industries you would like to appear:
Aerospace & Defense Agribusiness & Forestry Auto Industry
Capital markets Chemicals Construction & Materials
Economy & Statistics Environment Energy & Utilities
Financial Services Food and Beverage Franchising
Gaming Infrastructure Machinery & Appliances
Marketing & Advertising European Union Metals & Mining
Paper & Packaging Pharmaceuticals Real Estate
Retail Shipping Science
Telecoms, IT, Electronics, Media & Internet Textile & Clothing Tobacco
Tourism Transportation Wood and Furniture
Other        
Note: You can always change your choice later by unchecking the appropriate box or uncustomize all..        

Getting started

The first thing you need to do is choose a news reader, if you already don't have one. This is a piece of software that checks feeds you have requested and lets you read any new articles that have been added. There are various types of news reader. You should choose one that will work with your computer’s operating system.



When you have chosen a news reader, you can decide what content you want to keep up to date with. Please choose from below:

Albania Bosnia and Herzegovina Bulgaria Croatia
Cyprus FYROM Greece Montenegro
Romania Serbia Slovenia Turkey
INTERVIEWS BY BALKANS.COM      

Problems ?

Alternatively, you can paste one of the BBN RSS URLs into a new feed in your news reader.


http://www.balkans.com/rss/english/albania.rss
http://www.balkans.com/rss/english/bulgaria.rss
http://www.balkans.com/rss/english/cyprus.rss
http://www.balkans.com/rss/english/greece.rss
http://www.balkans.com/rss/english/romania.rss
http://www.balkans.com/rss/english/slovenia.rss
http://www.balkans.com/rss/english/bosnia.rss
http://www.balkans.com/rss/english/croatia.rss
http://www.balkans.com/rss/english/macedonia.rss
http://www.balkans.com/rss/english/montenegro.rss
http://www.balkans.com/rss/english/serbia.rss
http://www.balkans.com/rss/english/turkey.rss

Find more about RSS FEEDS !
Name:  Surname: 
Country:  Company name:
Email (Username): (If you would like to change your email address please notify us at news@balkans.com.)
Password:  Confirm password: 
Visak koda  
   
     

MY ALERTS

MAKE NEW ALERT

 E-mail article  Print  Save Additional News in English Još vesti na Srpskom Επιπλέον ειδήσεις στα Ελληνικά  Text

Many Turkish consumers invested in gold and foreign currencies are choosing to cash in their recent profits



Balkan Business News Correspondent - 30.08.2011

Many Turkish consumers invested in gold and foreign currencies are choosing to cash in their recent profits due to high exchange rates and gold prices by purchasing foreign cars, resulting in significantly increased vehicle sales in August, a top Toyota executive told Today's Zaman on Monday. 

The rise in the value of the dollar and the euro against the Turkish lira, due to a competitive devaluation policy enacted by the Turkish central bank to curb short-term hot money inflows into Turkey and to create more competitive export prices in case of a global financial crisis, has hit the auto market hard. Also, due to fears that the global economy may face a second crisis like that of 2008, many investors have chosen to invest in the perennial safe-haven, gold, which is seeing record-high prices right now. The euro has risen nearly 20 percent against the lira since the beginning of this year, while the lira depreciated almost 13 percent against the dollar in the same period. Since many cars have foreign price tags, it is to be expected that a rise in the value of foreign currencies will be reflected in Turkish auto prices. Accordingly, many companies raised prices by approximately 10 percent in August, resulting in a steep drop-off in sales reports Today's Zaman.

“We did see an increase in customer traffic leading up to the Ramadan Bayram,” Ali Haydar Bozkurt, CEO of Toyota's sales and marketing in Turkey told Today's Zaman. “Many people with savings in foreign currencies and gold are cashing in their profits with car purchases. Customers who feel they have earned enough thanks to those currencies' [the dollar and euro] rise against the lira and the recent hike in gold prices are deciding to realize their profits by buying new cars. There were occasions in August when we sold 130 new cars in one day.” Bozkurt noted that despite the fact that the euro is up against the lira by 20 percent, Toyota only increased their prices by 2-3 percent in August, but added that if exchange rates remain this high, a further price hike will be inevitable in the coming months.


LATEST NEWS ON BALKANS.COM

Related News in English

Povezane vesti na srpskom

Συναφείς Ειδήσεις στα Ελληνικά

Email