The collapse of the Turkish lira has caused trauma as Turks see their purchasing power slashed, but bargain-hunting foreign tourists visiting the country at the peak of the summer season are cashing in on a currency windfall.

Visitors, mainly from Saudi Arabia and Asia, formed long queues in Istanbul outside luxury stores like Louis Vuitton, Chanel and Prada after the lira took a severe hit against dollar, losing over 16 percent of its value on Friday.

“Everything is getting cheaper and cheaper,” said Saudi Arabian tourist Nasir El-Nabir, outside a chic store in an upscale Istanbul neighbourhood.