TL slipping again

[KKOB]

It's reasonably stable on XE.com at 11.90

It may be at this level for few a days because of the end of Ramadan. And then it could go either way !

[kevin3]

     Never banked with Garanti but used their currency page for years as a constant reference point

[KKOB]

Kevin, are you sure you're looking at it the right way ?

For instance, I bank with Yapi Kredit and they're offering to Buy @ 11.6606 and to Sell @ 12.1509

So it's 11.606 TL to the £ but f you want to buy £'s it'll cost you 12.1509TL/£

[KKOB]

Just looked at the Garanti website and the figures on the 'Markets by Paragaranti' drop-down, where your figures are coming from, are the prices that a customer would have to pay in TL to buy 1 unit of those currencies / commodities from Garanti Bank.

[Fran]

Wise are currently offering 11.9260


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[hornedfrog]

While I feel for the locals, I have a buy order at 12TRY...I promise I'll spend it all when we finally get out there!

[KKOB]

Still reasonably stable at around 11.90 but look out for a sudden drop to 12.20-ish in the next few days.

[GrantT]

I think you could be wrong there. The experts are predicting a recovery, with interest rates remaining stable and Covid restrictions easing and it looks like the recovery has started today.

[KKOB]

Yes, there's a bit of a recovery due to the lifting of Covid restrictions but there's concern in the money markets about the return of 'Global Inflation' and the fact that Turkey has very little left in the coffers to fight it.

Fingers crossed for the Turkish people.

[KKOB]

Well, it was good to see that my prediction of a further tumble for the TL didn't happen.

BUT, it's just been announced that "Turks increased their holdings of foreign currency in bank deposits, signalling renewed concern about the stability of the TL. Some Turks are also switching their savings into foreign currency because returns from bank deposits in TL are barely covering the erosive effects of inflation."

Whilst the majority of us on this forum are interested in the value of the £ against the TL it's really all about the value of the TL against the USD, and to a lesser extent the Euro, that drives the markets these days.