Daily Insider: Cheap holiday destination for South Africans, courtesy of economic ignorance

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Thinking of a cheap holiday abroad? Even for us, Turkey is a bargain

We South Africans are accustomed to paying ever more for our foreign currency on overseas travels. Moaning about how much stuff costs abroad is almost a national sport. So share a thought for our fellow Sapiens who live in Turkey, the unfortunate souls labouring under the yolk of a Jacob Zuma think alike president called Recep Tayyip Erdogan. The country has been in the grip of the now 68-year-old’s iron fist since 2003 (first 11 years as prime minister). 

Erdogan’s refusal to accept cast iron laws of economics is witnessed through numerous idiotic edicts which have cost his nation dearly. Latest is refusal to accept higher interest rates curb inflation. Instead, he ordered the central bank to cap borrowing rates. Result: Turkey’s inflation is 78%, its currency down by half in the past year and the economy is in a tailspin.

The graph above from EasySoft tells us something else. Turkey is a wonderful destination for South African tourists (those not skittish about the nearby Ukraine War) who will be amazed at how far their Rands will now travel – you get four times as many Lira today than five years ago. A word of caution though – after converting into local currency, be sure to spend the cash fast. At 78% inflation, Turkish Lira depreciates real fast.   

LISTEN: In this interview with Alec Hogg, Gehren shares his own path from hosting game drives to owning four exclusive tourist havens based in some of the wildest parts of Southern Africa. The secret, he says, is establishing partnerships with local communities, creating a virtual cycle built on four-star prices, five-star accommodation in six-star locations. With a permanent 30% discount for South Africans.


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WATCH: Former Google executive, and Board member (Discovery Bank & CSIR), Stafford Masie talks cryptocurrencies with Alec Hogg.

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