Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: Scunner on October 28, 2008, 09:52:41 AM
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Already down to 2.43 at this time [:o]
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It's the same around the world. The dollar has dropped from $2.10 to the pound at the beginning of the year to $1.55 yesterday - Just our luck we are going to New York in December!! Don't know whether to get some dollars now or wait and see if the rate gets better.
Jacqui.
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it's all H's fault, he asked Scunner to put the clock back.
Well he didn't know that was the rate button did he :-\
Tinx ;)
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Seems my post has steadied the World financial markets, it's still at 2.43. The power of CBF eh
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On here it's 2.41, where will it stop?
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could be a good time to exchange some ytl back into gbp if it goes down anymore ??
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The rate at the bottom of the page varies Alan depending which postcode you in, here it is still 2.7
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If the lira is dropping against the pound it must be about the only currency that is! Rumour has it interest rates over here will be as low as 2.5% before too long so expect the pound to drop further (except against the lira it seems). Not quite sure why the lira is dropping but there are a few countries in a real mess right now. Iceland have just put there interest rates up to 18% (from 12.5) to stop their currency collapsing completely! Quite a few countries are looking to borrow from the European Central Bank in order to prop up their economies.
Worrying times.
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Mr. Doom and Gloom again, it's to do with the liquidity of the us dollar that is causing it.
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Tinx,
Not doom and floom mate - facts. We are about to witness the worst recession in our lifetime!
I fail to see why the dollar has any bearing on the £/YTL exchange rate though.
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quote:
Originally posted by stoop
so expect the pound to drop further (except against the lira it seems).
The pound IS dropping against the lira - that's what a reduction in YTL/£ means.
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My apologies - trying to do 4 or five things at once here
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Fact is though we are all in the brown stuff at the moment. Whether it be Turkey, UK or USA it's starting to bite. Have you seen the value of the £ against the Euro? It will make holidays very expensive next year in some countries.
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Holidays in some countries have always been very expensive.
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The YTL/£ exchange rate won't tell you much about the World economy. The data can be analysed all you like but in truth you are comparing two fairly unhealthy economies, just doing battle with each other - and what you see daily is which one is the most crap of the two at that particular time.
In many ways the overall stability of the rate is down to the fact that they are mirroring each other in economic terms.
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Dont forget the lira was below 2.2 earlier this year so at the moment its still not bad.
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quote:
Originally posted by stoop
Not quite sure why the lira is dropping
The Lira isn`t dropping, it`s getting stronger.
(http://i409.photobucket.com/albums/pp173/crabbit49/crab.gif)
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quote:
Originally posted by stoop
Fact is though we are all in the brown stuff at the moment. Whether it be Turkey, UK or USA
Speak for yourself, it hasn`t made any difference to me.
(http://i409.photobucket.com/albums/pp173/crabbit49/crab.gif)
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Oil prices seem to be the thing that is having a global effect, coupled with poor financial management. China seems to have the deciding factor. See the article below;
OPEC members say low oil prices risk investment
The Associated PressPublished: October 28, 2008
LONDON: OPEC oil producers warned Tuesday that low oil prices have created a crisis situation that threatens key investment in production, pushing them to seek moderate price increases by cutting output.
Qatar's energy minister, Abdulla bin Hamad Al Attiyah, defended OPEC's decision last week to cut production by 1.5 million barrels a day, saying it was necessary amid falling demand due to the global economic turmoil.
He added that demand could be frozen for several years.
Fears of a sustained economic downturn have driven the price of oil down from a record $147.27 a barrel on July 11 to $64 a barrel Tuesday.
"You can't say to me 'Don't do it, you're the bad boy,' with no solution, no alternative," Al Attiyah said at an annual oil conference in London. "Who will give me guarantees that they will buy?"
Today in Business with Reuters
Wall Street climbs higher after Asia and Europe post gainsKerkorian reduces Ford stake to under 5%Boeing union members to vote this weekBritish Prime Minister Gordon Brown was among world leaders who have urged OPEC not to cut its output, declaring shortly before the cut announced Friday that such a move would be "scandalous."
The two-day gathering of oil producing countries, companies, banks and others in London began as BP PLC, Europe's second-biggest oil producer behind Royal Dutch Shell PLC, reported a massive 83 percent rise in third-quarter net profit.
BP earned $8.05 billion for the July-to-September quarter on the back of surging energy prices and said it was well placed to continue to reap profits despite the fall in the oil price.
But United Arab Emirates energy minister Mohammed Bin Dhaen al-Hamli said that the current low prices were "very dangerous for the world's economy."
"We need an adequate, reasonable oil price that will continue to stimulate investment," he said. "I think this is really a crisis situation and I think it is very difficult to predict what's going to happen."
Al Attiyah, who has previously said that Qatar needs oil prices at the level of $55 to maintain its budget in the current financial year, said that the billions of dollars of energy projects under construction in Qatar were not yet under threat.
But OPEC Secretary-General Abdullah El-Badri said that member countries would think twice about investment in further oil production because they have other priorities including education and health.
Al-Hamli agreed. "I think we are in a price period now where it's extremely difficult ... to finance expensive projects," he said.
OPEC secretary-general El-Badri said the organization was not seeking a high oil price, but a moderate rise.
Qatar's Al Attiyah said a price of between $70 and $80 a barrel was reasonable, adding that he did not expect OPEC to convene another emergency session before its next planned gathering in December in Algeria.
Guy Caruso, head of the U.S. Energy Information Administration, said that the outlook for oil prices would depend on the timing and extent of a coming global recession, but forecast overall negative growth in oil demand this year, "probably continuing in 2009."
Caruso said a 4-5 percent fall in demand from the United States — equating to up to 2 million barrels of oil per day — would be only partially offset by growth in China where the desire for cars, heating and other luxuries from the rising middle classes had been expected to support demand.
"We haven't really seen the impact of the slowdown in growth in China yet," he said.
However, Fatih Birol, the International Energy Agency's chief economist, was more positive on demand from China and other emerging countries, noting that China has more than $2 trillion of reserves as well as strong current account and budget surpluses.
Birol said that emerging countries could "put a floor" under commodity prices generally.
"Don't underestimate the strength of the emerging economies, led by China," he said.
However, Birol added that the progress of low carbon technology in the energy industry was falling victim to the global credit crunch.
"There is a cataract in front of our eyes that we can't see the impact on issues of investment and climate change," he said.
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quote:
Originally posted by Crabbit
quote:
Originally posted by stoop
Not quite sure why the lira is dropping
The Lira isn`t dropping, it`s getting stronger.
(http://i409.photobucket.com/albums/pp173/crabbit49/crab.gif)
I think I realised that- as I said above Crabbit :)
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quote:
Originally posted by Crabbit
quote:
Originally posted by stoop
Fact is though we are all in the brown stuff at the moment. Whether it be Turkey, UK or USA
Speak for yourself, it hasn`t made any difference to me.
(http://i409.photobucket.com/albums/pp173/crabbit49/crab.gif)
Time will tell :)
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quote:
Originally posted by stoop
Time will tell :)
It will have to work overtime to affect me.
(http://i409.photobucket.com/albums/pp173/crabbit49/crab.gif)
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I can't think of anything worse than rat dropping in your eyes
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i can!!!!!
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yes but you're a scouse
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The fluctuation in the YTL is all to do with the imminent deal that the Turkish government is about to do with the IMF.
The current deal (2002) ran out in May and although the government haver been posturing and saying "they don't want to do a deal with all the strings attached that they had last time" - Turkish businesses are telling the government to do the deal to provide a further period of stability - and this week - in spite of continued posturing - this looks the likely outcome.
If the deal is done say hello to 2 for 1 in double quick time!
See: http://http://www.hurriyet.com.tr/english/finance/10230441.asp?scr=1
Ian ;)
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the currencty movements are the liquid amounts that flow from those that are thought of a weak to those that are stronger, the yen and dollar are seen as fairly safe havens, before this crisis the money men would borrow in japan and invest elsewhere for higher return now that some of these countries where higher returns were offered are seen as vunerable hence flo back to dollar and yen, it could have included sterling if our wonderful leader had known what he was doing over the last 10 years.