Exchange Rate

EssexOB


Joined: 29/06/2007
Posts: 80

Message Posted:
12/01/2008 22:46

What is going on with the exchange rate ? See in UK press it is nearly down to 2.00 YTL to the Pound. Was around 2.5 last year. How low will it go ?

What is local rate ?

ianwfs


Joined: 08/01/2008
Posts: 563

Message Posted:
13/01/2008 10:28

Changed sterling yesterday at 2.235



Ian

Bob / Anne


Joined: 01/11/2007
Posts: 39

Message Posted:
13/01/2008 11:57

Went to the TRNC in October for the 1st time to take possession of our apartment at TBV. Not knowing the score, we changed £1000 at Thomas Cook locally in Barrow, at the exchange rate of 2.1. When we got to TRNC we got 2.4 YTL to the £. So we lost quite a lot of money on that transaction - you learn by your mistakes.

We now change all our money in N.C. as you get a better exchange rate. We have just returned from N.C. yesterday, and we were getting about the same as ianwfs at 2.23.

Cheers

Bob.

EssexOB


Joined: 29/06/2007
Posts: 80

Message Posted:
13/01/2008 12:04

Thanks for info. Agree we always take sterling and change in NC. But don't understand why rate has got lower over past few years. The Pound is quite strong at the moment, so the Turkish lira must be even stonger. Must be nearly 1 for 1 with US dollar.

Bob / Anne


Joined: 01/11/2007
Posts: 39

Message Posted:
13/01/2008 13:01

Dont really know the full ins and outs of the exchanges. But a lot of currencies are linked to the U.S. Dollar when that goes down, a lot of currencies goes down. Like the old saying the U.S.A. sneezes and the whole world catches a cold.



I have spent the last 20 years working in and around the Gulf. This applies to all the currencies there ie Emirates, Oman, Qatar, Kuwait.



Cheers

Bob.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
13/01/2008 14:25

The £ is only strong against the US$ it seems to be weak against most other currencies take a look at the Euro



http://www.hifx.co.uk/currency/converter_site.asp

Perry


Joined: 27/01/2007
Posts: 413

Message Posted:
13/01/2008 16:03

GPB is weakening at the moment and will weaken further as interest reates start to come down. YTL is tends to move with USD - USD/GBP Spot rate has moved from 2.07 last month to 1.96 - hence worse FX rate for us. You do tend to get around 10 - 15% better rate locally.

McSteviet



Joined: 11/05/2007
Posts: 1089

Message Posted:
13/01/2008 16:16

I always take sterling to TRNC and use that as currency, it works OK I think.



All property is priced in Sterling, so if it is depreciating, then it's not you that loses if you are buying property. Must be he developer's who presumably have to pay for goods in YTL.



I know this might not help the holiday maker, but you can always open a bank account in TRNC and earn good interest, if you intent to vist often.



MC

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
13/01/2008 17:36

Perry



If as you say the YTL tends to move with the US$ can you explain why the YTL has strengthened whilst the US$ has seriously weakened over the last 6 months or so.



Surely if what you say is correct the YTL exchange rate should be closer to 2.70o the £

Perry


Joined: 27/01/2007
Posts: 413

Message Posted:
13/01/2008 18:13

No - USD has strenghtened by 5% and YTL will probably continue to move with it. This is just one factor as well - combination of interest rates and associated risk really drive the fx rate. If the markets view Turkey as a stabilising economy with a high interest rate on the currency, the YTL will strengthen - especially against lower interest yielding currency such as GBP and EUR

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
14/01/2008 19:50

I read in the Sunday Times a 2-3 weeks ago I think that the Turkish lire was regarded as 75% over valued (the highest amongst many others).

paul90


Joined: 07/11/2007
Posts: 350

Message Posted:
14/01/2008 20:02

It's the Euro that has remained very strong recently against the $ and the £ has weaken more than 10% against the Euro.

The Turkish lira has weakend only a little against the Euro.

Hence the lira has strengthened against the £.

See:

http://www.advfn.com/p.php?pid=forexqkchart&btn=updatecharts&elists=1%7C3%7C7&elists=1%7C3%7C7&email=Enter+Your+Email+Address+Here&curcode1=GBP&curcode2=TRY&updatecharts=GET+QUOTE&symbol=FX%5EUSDTRY



and

http://www.advfn.com/p.php?pid=forexqkchart&btn=updatecharts&elists=1%7C3%7C7&elists=1%7C3%7C7&email=Enter+Your+Email+Address+Here&curcode1=EUR&curcode2=TRY&updatecharts=GET+QUOTE&symbol=FX%5EGBPTRY

grahamlil


Joined: 10/10/2007
Posts: 143

Message Posted:
14/01/2008 20:10

I take sterling wherever I go in the world, I have always got a better exchange rate in the country I was visiting.



grahamlil

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
14/01/2008 21:11

Perry



On 1/6/07 you got 1.327YTL to the US$

On 14/1/08 you got 1.157 YTL to the US$



That is the US$ weakening quite significantly



Take alook at the following:-



http://www.oanda.com/convert/fxhistory