Just hit 3.30

[JohnF]

I wouldn't bet against it dropping further...

JF

[tel]

Passed the 3.40 to the pound today.  Currently 3.42

[Colwyn]

3.5 by New Year?

TL went over 3.5 this afternoon. Now settling again? Intervention by Central Bank?

[tel]

Reached 3.5 TL Today

[JohnF]

Intervention by Central Bank?

Yes.  They are selling $450m a day from now till end of year to prop up the lira due to the current "crisis".  A further $6bn set to be sold in January.

You do have to wonder what the lira would be at without this intervention...

JF

[usedbustickets]

I rather suspect that the Turkish government will run out of money to prop up the lira in the not too distant future.  Well certainly they do not have the levels of cash available to the international speculators when they eventually really turn the screws on the Turkish government.  I think the bets now are on when in the short term the Turkish interest rates will be hiked up, rather than if in the short term.

[Colwyn]

TL has deteriorated by over 5% this morning. It may be getting too late to lever it up with interest rates hikes -or the will have to be substantial. If so RTE is not going to be happy bowing down to the "interest rate lobby" that he has been railing against for the last sic months. Under attack by the Gulen movement and prosecutors on one hand and by infidel financiers on the other, I bet Erdogan is storming about like Gordon Brown on steroids. I imagine people are running for cover.


Correction: it was not 5%. That was what the BBC Money Data page showed and I didn't bother to check it. It was more like 2.5%. But that is a big enough plummet over a couple of hours.

[desmartinson]

3.57 lira to the pound now. very nice.  

[calvin 1949]

Not very nice for us with money invested here??

[desmartinson]

But nice if you live here Calvin for your everyday shopping, social life etc.