lira getting weaker rates droping

bondyboy


Joined: 15/05/2009
Posts: 67

Message Posted:
18/12/2010 00:10

hit 2.4 bank rate. central bank have drop rates might slide a bit more

CyprusChill


Joined: 08/05/2009
Posts: 666

Message Posted:
18/12/2010 02:20

Rates quoted in the UK nationals as being 2.28 .... but in recent times on the up.

I buy above 2.25.

andrew4232



Joined: 04/07/2009
Posts: 1543

Message Posted:
18/12/2010 09:37

i think at 2,40 you find its gone up its been around 2,20/2,30 most of the year

Whistler


Joined: 28/07/2008
Posts: 1332

Message Posted:
18/12/2010 09:39

I wouldn`t panic. It was always around 2.5 and a little more even for a long time.

cyprustimes


Joined: 22/10/2010
Posts: 867

Message Posted:
18/12/2010 10:33

has it hit 2.4 this week as looking on internet is higher , than here in cyprus !!!

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
18/12/2010 12:30

Probably back down next week.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
18/12/2010 13:53

2.4 is a decent rate given to what it's been on average this year.

cyprustimes


Joined: 22/10/2010
Posts: 867

Message Posted:
18/12/2010 13:57

it is when did it hit 2.4 !!!

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
18/12/2010 14:17

Interest rates expected to go up very soon....Will this affect exchange rates i wonder.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
18/12/2010 14:51

see the following:-

http://www.bloomberg.com/news/2010-12-16/turkey-s-central-bank-cuts-benchmark-rate-as-inflation-slows.html



I know it is regarding interest rates in Turkey but TRNC rates normally follow

cyprustimes


Joined: 22/10/2010
Posts: 867

Message Posted:
18/12/2010 15:10

when has it hit 2. 4 please

yenibob


Joined: 13/10/2010
Posts: 1203

Message Posted:
18/12/2010 15:29

http://www.advfn.com/p.php?pid=qkchart&symbol=FX^GBPTRY

fosterscan


Joined: 27/02/2010
Posts: 541

Message Posted:
18/12/2010 15:30

http://www.xe.com/currencycharts/?from=GBP&to=TRY&view=1W

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
18/12/2010 16:07

lovingcyprus got it right, Turkish interest rates were lowered and the lira followed. I've got a feeling that more weakening of the lira is on the way to strengthen exports. 2.50 by the New Year?

cyprustimes


Joined: 22/10/2010
Posts: 867

Message Posted:
18/12/2010 16:17

do tell the results of theses converters is alway s more than it is here y ,..other day said 2.39 went to look and its 2.36 here

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
18/12/2010 16:34

Msg 9....Meant to say rate rises likely in the UK...may have a bearing on exchange rates.

aussiejock



Joined: 06/10/2010
Posts: 350

Message Posted:
18/12/2010 17:22

When we lived in Turkey 2009 one Australian dollar was worth 1.04 lira its now worth 1.53 lira, I just love it 50% more for our money, when will it stop. hope bank interest rate goes up as well.







Robert

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
18/12/2010 17:41

What a result......and you are going to win this test !!

yenibob


Joined: 13/10/2010
Posts: 1203

Message Posted:
18/12/2010 17:53

Scotland are rubbish at Cricket!

aussiejock



Joined: 06/10/2010
Posts: 350

Message Posted:
18/12/2010 18:11

not after today's result 5 for 81 and I thought England would win the ashes series, they were very poor at the WACA and Australia made mincemeat of them, and we are not any good at football either ( Scottish that is ) I remember the world series cricket, watched Scotland for a whole hour then never saw them again. I love cricket, but I now feel that twenty/20 is the way to go, exiting to watch and only lasts around 6 hrs, can't get over the fact it was England that thought it up, should have been Packer he put cricket on the map.





Robert

bondyboy


Joined: 15/05/2009
Posts: 67

Message Posted:
18/12/2010 19:40

bbc news 2.4008 live price 2.37 koop bank

HotHippo


Joined: 25/03/2010
Posts: 402

Message Posted:
18/12/2010 20:34

Hey, YeniBob, what about Freuchie Cricket Club? Keep your generalisations to yourself!

david9


Joined: 09/09/2008
Posts: 358

Message Posted:
20/01/2011 12:37

Hit 2.489 this morning thats the highest for a long time. Can anyone explain why?

dougskud



Joined: 04/04/2008
Posts: 356

Message Posted:
20/01/2011 12:50

Hi Everyone



re message 12 and the prediction of 2.5 lira to the pound by he end of the year.



I agree with a lot of the message and I certainly agree the Turkish Lira will have to be devalued to become really competitive primarily against the Euro.



There is a further complication with the pound and that is the BOE is clearly concerned with the accelerating levels of inflation which looks certain to continue rising with petrol and mortgage rates about to climb.



An increase in the bank rate is almost certain will further strengthen the sterling rate against both the Euro and the TL.



My gut feeling is there will be a 2.5 exchange rate before the summer influx of tourist.



Doug

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
20/01/2011 13:31

If the TL is devalued will that mean more TL to the pound or less ?

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
20/01/2011 13:42

The initial improvement in the UK£/TL exchange rate was the lira going down after Turkey reduced its central bank rate, but just recently it is the pound going up. I have an interest in several currencies and all have weakened against the pound during the last few days. I agree with dougskud and believe that in response to Tuesday's announcement of the current 3.7% inflation rate, the money boys are betting on an increase in UK interest rates at the next BOE meeting.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
20/01/2011 14:20

Eager.... devalued means you would get more TL for each pound.

nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
20/01/2011 14:23

message 24,



Just checked and now 2.50581 tl to £1



Chris

david9


Joined: 09/09/2008
Posts: 358

Message Posted:
20/01/2011 15:14

Now 5.226 !!!!!

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
20/01/2011 15:23

David not sure about 5.226 but you can change my £'s if you like!



The weakening of the TL is due to the fact that the Central bank of Turkey has reduced interest rates again from 6.5% to 6.25% and the currency market has been reacting on the build up and now the announcement.

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
20/01/2011 15:29

Don't rub it in. I missed the boat, as always, as I changed £s to TL last week !

spook


Joined: 23/01/2008
Posts: 244

Message Posted:
20/01/2011 15:35

Current rate showing as 2.52 TL gone up 1.71% so far today

david9


Joined: 09/09/2008
Posts: 358

Message Posted:
20/01/2011 15:39

Sorry Swany

me-style


Joined: 03/08/2010
Posts: 150

Message Posted:
20/01/2011 16:12

I think maybe its time you change your focus, if you decide to live in Turkey or KKTC the currency is Turkish lira and all other currencies it not of relevance, if you look to the interest rate its 9% and if you have a lot of money you can negotiate 10 or maybe 11%.



So then how much money do you need for a living? 25.000 TL, so this means you need to send 100.000 GBP and change it to Turkish Lira and you can live without any problems.



Life is too short for exchange rate and cash machines where you can collect Euro, USD or GBP, Here is the currency TL!!!!!!

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
20/01/2011 16:58

sterling rising because of expected UK interest rate rise to stem rising inflation, TL weakened because of an actual rate cut. 2.65 on the way? That'd be a 20% increase since 2.20 days not long ago. Trouble is costs in the TRNC would have to rise to pay for foreign goods.

yenibob


Joined: 13/10/2010
Posts: 1203

Message Posted:
20/01/2011 16:59

Me_Style, did you do Math at school? (25.000tl equating to 100.000GBP??in your dreams)



Many(most) on here derive their income in sterling and therefore the exchange rate to the TL will be of interest.



The TL is a basket case at the moment (happily)!

aussiejock



Joined: 06/10/2010
Posts: 350

Message Posted:
20/01/2011 17:30

yenibob

100.000GBP X 2.50lira = 250913.7137lira @ 10% interest = 25091.37lira a year. that's 482lira a week, I don't know if this is enough money to live on each year.





Robert

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
20/01/2011 20:15

If you go to any of the main TRNC banks now with £100,000 and ask for a TL account you will not get 10% interest those days have gone with the latest rate drop you will be doing well to get over 8.5%.



me-style there is gains to be made on currency if you can afford to take the risk and are willing to follow the markets and there are it seems quite a few on 44 who do just that.

me-style


Joined: 03/08/2010
Posts: 150

Message Posted:
21/01/2011 09:02

aussiejock, you are right about the 25.000 tl if you can live from them, I used this as an example. the more you want to spend for living you have to increase the number of 100.000 of Euro, GBP or usd.



Please remember Turkish families are living for that amount in a year and many times even less. They even have 2 to 3 kids as well.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
21/01/2011 10:43

Well said me-style we would do well to remember how good we have it in comparison to so many.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
21/01/2011 11:49

So if there was any hint of possible devaluation of the Tl...then you would need to be in sterling otherwise could loose a lot of money.