Author Topic: Lira getting Stronger - Why?  (Read 291399 times)

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Offline Colwyn

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Re: Lira getting Stronger - Why?
« Reply #1050 on: May 22, 2018, 17:48:01 PM »
If things carry on downhill at the same pace as they have done since the dollar hit 4 on March 23rd, then the dollar will 5 just days before Round One of the election. That'll take some explaining from AKP.



Offline Scunner

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Re: Lira getting Stronger - Why?
« Reply #1051 on: May 23, 2018, 08:17:35 AM »
From around 4.40/$ to 4.80/$ in a single week. Spinning out of control.

Offline yabanci

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Re: Lira getting Stronger - Why?
« Reply #1052 on: May 23, 2018, 08:53:13 AM »
And up to 6.44tl to the £ on XE this morning.

Offline Scunner

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Re: Lira getting Stronger - Why?
« Reply #1053 on: May 23, 2018, 09:28:36 AM »
6.53 a few minutes ago

Offline JohnF

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Re: Lira getting Stronger - Why?
« Reply #1054 on: May 23, 2018, 09:38:28 AM »
Only one person to blame for this situation.

Fitch, a credit referencing agency, stated yesterday:

“Comments from the Turkish president raise the possibility that discretionary policy making and policy predictability will come under pressure after June’s elections”

Basically, the wee fella came out with his mantra about lowering interest rates despite inflation heading north like an express train - but the killer blow was his statement that he intends to be "more proactive" in shaping the central banks policy.  A little bit like letting a five year old drive a Maserati.

One wonders if emergency financial measures may be on the cards any time soon... :(

JF

Offline Taddy

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Re: Lira getting Stronger - Why?
« Reply #1055 on: May 23, 2018, 09:39:40 AM »
 :o  I am going in just over 3 weeks. Bought some Lira to tide us over the first 3 days. Definitely not buying any more Lira in the Uk now. who knows where this will end up. 
Just hoping it will attract late bookers with these rates over the summer.

Offline yabanci

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Re: Lira getting Stronger - Why?
« Reply #1056 on: May 23, 2018, 09:43:31 AM »
Dolar 4.80 is now trending worldwide on Twitter this morning.

Offline JohnF

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Re: Lira getting Stronger - Why?
« Reply #1057 on: May 23, 2018, 09:55:39 AM »
Actually it hit 4.89 a wee while ago, but has recovered to 4.84.

Five by close of business highly likely I reckon.

JF

Offline Colwyn

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Re: Lira getting Stronger - Why?
« Reply #1058 on: May 23, 2018, 10:20:30 AM »

One wonders if emergency financial measures may be on the cards any time soon... :(

JF
Any suggestions as what these may be? Will any big business CEOs be bold enough to suggest to RTE that he compromises over the short term.

Offline JohnF

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Re: Lira getting Stronger - Why?
« Reply #1059 on: May 23, 2018, 10:48:55 AM »
The obvious one is an immediate hike interest rates, but the due to the stubbornness of the wee fella someone would need big balls to implement that against his wishes, again!  It's what Russia did a few years ago when the rouble went south and, along with other financial measures, slowed things down.  That said, I don't think the rouble has really recovered to previous values.

I wouldn't like to speculate on what other measures the government/central bank may decide, if they do anything at all right now.  They may simply try to ride it out.

Like Keith, I'm just glad we no longer have any assets in Turkey and got out at a decent (relatively speaking) rate.  When we sold the apartment in Karagozler last year the deal was priced and sold in sterling.

The few hundred lira in my Finans account is our only casualty. 

JF





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