Exchange rates - New Currency

[teresa321]

I have noticed a fairly sharp drop in the exchange rate (I think) on the eve of the New Year.  Does this represent confidence in the New Lira and/or proposed EU entry?

Teresa X

[Dippey]

Correctish. The stock exchange has been closed yesterday and today in prep for currency translation. Yesterday, late last nite, November figures were given for Turkeys GDP and trade deficit which grew, but this has been offset by a new $10b loan with the IMF to replace the current one expiring in feb. As with the new currency convert the market expects foreign funds to enter turkeys market coupled with optimism by EU prospects.

PS just a note whilst looking around, you know if you all out celebrating tonite all bank ATM's, Internet/phoner lines, credit card machines etcetc will be switched off around 30 minutes before midnight and up to 3 hours past midnight, subject to evrything going right, and who you bank with !!! So make sure you've got enough money on you. I'll do another thread somewhere else for that.

Have fun and Happy New Year to all.

[number2]

Will you still be able to use the old money or do you have to take it to the bank and change it, I've only got 14 million so it wouldn't break me, it's just nice to be able to go in a shop when I land for some cigs and a couple of cans of efes. Alan

[teresa321]

I gather you can use it for 12 months Alan, alongside the new currency.  I also keep some for when I return for tips etc, and I had forgotten about that - so I am still a multi millionaire.

Teresa X

[loz]

yesterday went to the bank and got 2.513ml for sterling and today has risen slightly to 2.566 so got slightly more. and yes, the new currency will be used as of tomorrow but the old will run alongside until 2006 so you can still be a millionaire.
I did the Turkish lottery for the first time on saturday (3numbers)!!!! and texted my pals in UK to inform them that I had won 1.7m on the lottery; then had to inform them that this was approx 63p, Oh well it was good whie it lasted.

[teresa321]

Keep us updated Lorraine from the Turkish side once the YTL arrives.

Teresa X

[canalman]

I notice that in the UK papers that the exchange rates are still in terms of millions of TL. I take it that the YTL is now issued ?
Pete [?]

[Blether]

Yes,new currency started 1st January Pete.

[valentine]

Whats the exchange rate for the YTL over there? At work today it was 2.3 which seemed a bit low to me.

[teresa321]

Lloyds were diving 2.4 without commission and Garanti are showing 2.52 Val.  It has dropped in the last couple of days because of good economic figures I think.  The Daily Mail is quoting the new rate Pete but it doesn't look much different. Our local Northern Echo still quotes millions, but probably nobody has told them. When someone goes on holiday who works there they may change it!

Teresa X