The financial situation in Turkey is getting dire, thanks to an escalation of measures by US president, Donald Trump.
Tariffs imposed on Turkish goods, along with a not so good channel of communication between Trump and Turkey’s president, Tayyip Erdogan, have sent the Turkish Lira tumbling.
The Turkish Lira now stands at 50% of its value from a year ago, making financial transactions very difficult for Turkish domain investors.
Buying domain names in dollars or euro will be expensive, and if capital controls are imposed in Turkey, it will also cap the amount of money Turkish domainers can send out of their country.
Existing transactions, for example those using the Escrow.com Domain Holding service, have almost doubled in terms of cost. That’s the downside of financing a domain acquisition in installments, versus paying for the domain in one go.
Turkey faces hard times ahead, and let’s hope that it will recover soon as the financial crisis could spread.
Domainers in Turkey face a hard time ahead – Photo by Meriç Dağlı on Unsplash
