pound/lire

[Steve B]

On the subject.. should I change some £ for Lira here before we come out on Friday or wait?

[tribalelder]

Do it here....you will get a better rate than in the UK. As the rate is on a rise  at the moment change little and often and gain from the increasing rate each time.

[richie-r]

i thought Lindacarl input was informative and notat all patronising or smug but i did find mike and hilarys reply plain rude

[lindacarl]

I had no intention of being smug or patronising Mike & Hilary.
I have no idea what the YTL will do in the future - which is why I asked for what others think.
I posted the figures for those of you who may have thought about investing all in the YTL because they thought the interest rate was great.
The interest rate would turn out to be abysmal (easily negative interest), if, as in the recent past the Lira/pound exchange rate changed by 100%. I don't understand why it appears to be so stable now.
The 4-5% available here looks like a pretty good interest rate IF the YTL starts on the slippery slopes again.
Linda

[wickwilly]

latest exchange rate at Akbank today 2.82.

WW

[Dippey]

Hold onto your pantihoses girls !:D

[Steve B]

Ok then.

[lindacarl]

MAY. 15 10:33 A.M. ET The Turkish lira dropped some 4 percent against the dollar on Monday reaching its weakest level in more than a year and forcing the Turkish Central Bank to suspend foreign exchange purchases.

Analysts said the lira slipped as foreign investors continued to withdraw from the Turkish market over higher-than-expected inflation figures and fears over the country's rising current account deficit.

The lira stood at 1.4498 to the dollar on Monday, from Friday's close of 1.4120 Turkish lira and the Central Bank said it was suspending foreign exchange purchases because of volatility.

[stoop]

oooops.

[stoop]

.... so not only has the lira started it's predicted collapse - interest rates are predicted to fall and you cannot get your lira back into pounds or dollars.

Quote from Fethiye:

"Ok if you're a tourist as your £ will buy more or an exporter as your goods will be cheaper, but not so good of you have all your cash in the lira and are living off the interest (as many are). So, make the most of the high rates now while they last and spread your investment risk!"