The Turkish lira has been in finance headlines because it has been suffering significant inflation recently. I was in Turkey ten years ago and then one Euro was worth two Turkish liras. Now one Euro is worth 15 Turkish liras. Basically if I had left 5 000 euros exchanged to 10 000 Turkish on a Turkish bank account 10 years ago it would be today worth only 670 Euros. This is a great example how leaving savings in cash on a bank account or as bank notes in your safe has also risks. I talked to a Turkish friend who was pretty upset after losing the savings. The fall of Turkish lira has stirred up also protests on the streets of Turkey and people are also stocking up goods. Now that we have been seeing inflation reported also in Euro zone it is good idea to think about options for cash saving in Euros.
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