Turkish Lira - Is it safe to convert and hold cash in TRY?

I have an upcoming trip to Turkish North Cyprus (primary currency is Lira) and I have recently taken advantage of the strong £ vs lira and now have a balance stored as Lira (TRY) on my account.

Other than a further drop against the £, is there any other risk associated with storing the cash in lira? I.e. is there any situation whereby I could lose all/most of this cash?

You’re asking for views on the FX market. My view is that GBP/TRY will rise further, and this could be one of the rare occasions when it’s safer to spend directly from your home currency rather than buying the spending currency first. The exception is just before the weekend, when you should buy TRY on Friday evening in order to avoid a 1% margin at the weekend.


I agree with NFH