Good time to convert YTL-GBP

newboy


Joined: 21/02/2008
Posts: 80

Message Posted:
14/08/2008 10:45

Looking at HSBC foreign exchange rate this morning. The bank rate of converting ytl - GBP is 2.21. Is this the lowest?

paul90


Joined: 07/11/2007
Posts: 350

Message Posted:
14/08/2008 10:55

The £ has fallen 16% since April when it was £1 = 2.65YTL.

2.21 is the lowest in the last few years.

paul90


Joined: 07/11/2007
Posts: 350

Message Posted:
14/08/2008 11:00

Or, put it his way - the YTL has strengthened because it is now also 16% stronger against the Euro over the same period.

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
14/08/2008 11:51

so is this best time to convert back to sterling ?

paul90


Joined: 07/11/2007
Posts: 350

Message Posted:
14/08/2008 12:49

Probably.

If the rate does go lower still, say to 2.10, then this difference (from 2.21) is relatively small.

Earlier this year people thought it may stabilise at about 2.50 or go back to 2.70 by October.

So, if you think that it will go back to between 2.40 - 2.70 then now would be a good time to seriously consider changing back into Sterling.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
14/08/2008 13:22

First question to ask is what rate did your originally change sterling to ytl????



If it was 2.70ish fine but if it was 2.40 how much are you willing to gamble that the rates will go back in your favour.



Currency speculation is for the professionals and can be a very dangerous game. Certainly worse that putting cash into TRNC bank account

ROBnJO


Joined: 30/06/2008
Posts: 1289

Message Posted:
14/08/2008 13:43

I agree with CIH



Anyone brave enough to gamble on where it goes next?



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%5EGBPEUR





Not a pretty chart!

not2sure


Joined: 15/07/2008
Posts: 79

Message Posted:
14/08/2008 14:32

Just changed now at 2.18 !!!!!

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
14/08/2008 14:32

Following the problems in the sub-prime lending market in America and the earlier run on Northern Rock in the UK , uncertainty has now hit Japan .

In the last seven days Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches.

Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a song, while today shares in Kamikaze Bank were suspended after they nose-dived.

While Samurai Bank are soldiering on following sharp cutbacks, Ninja Bank are reported to have taken a hit, but they remain in the black.

Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
14/08/2008 16:29

Better keep out of the land of the rising sun otherwise we will all end up as sushi!!!!!



Good one Karen.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
14/08/2008 17:19

convert it back as fast as you can, then get it out of here, if you can!

simma



Joined: 03/02/2008
Posts: 346

Message Posted:
14/08/2008 17:44

good one karen.

john.

Jo Valentine


Joined: 10/02/2008
Posts: 508

Message Posted:
15/08/2008 01:57

Hi Karen

Brilliant!

Cheers

Jo Valentine