Just hit 3.30

[puma]

got 3.55 today from finans

[kenkay]

My desk top currency gadget showing 3.60 at the mo 

[JohnF]

Not very nice for us with money invested here??

No, especially if you've put your whole pot in.  But then again, should you have put your whole pot in?  Especially into a currency that historically is extremely volatile and has been subject to devaluation on more than one occasion?

Most Turks prefer the harder currencies such as GBP, USD & EUR for a reason...

JF

[Colwyn]

I thought one comment on the Hurriyet Daily News article was rather good: "The AKP are costing Turkish citizens $450m a day". Then I thought I would so some sums. At around 70 million population that is about $6.4 per person per day. For Erdogan's ideal three child family that is about $32 per day. So @ 5 working days a week the cost per family per week = $160. Wow, that is one hell of a hole in the income of an average Turkish family. How long can it last?

[Perhaps somebody will check my sums because this looks horrendous to me.]


I suppose this is a distorted way of looking at since the money spent isn't "lost" it just loses its value if the TL continues to weaken. So you can spend $450m buying TL975m today but when you want to replenish with dollars it may cost you TL1005/1010m to buy your $450m back.

[Colwyn]

Well we are in a lull while the markets are closed but I sense the financial sharks circling and that tomorrow will be an interesting day again for the currency. I suspect international financiers have decided to break the Lira. Anyone seen George Soros strolling around Istanbul this weekend? The Turkish Central Bank has rather shown its hand by saying it is going to throw $6 billion at the crisis in January. Some 20 years ago George Soros threw $10billion at the Bank of England and said he wanted to take that to $15 billion but the Bank of England broke under the strain before he could reach that target. Black Monday for Turkey?

[loz]

Colwyn that is very thought provoking, a little deep for me.
 I will be watching the markets with interest tomorrow and think of the late Soros, who shall I place my bets with as the winner of this outcome.

[Colwyn]

think of the late Soros,

Is that wishful thinking Loz? He is still alive - last I heard.

[loz]

I just did a quick google and Colwyn you are correct, 83 and still going and still active, a man that has managed to put the fear of god into many a nation or financial institution,  maybe he will be spotted in Istanbul after all. 
I thought he died in 2005, now why did I think that?

[Ian]

This just goes to show that no-one is really sure what will happen - but I suppose if you are the biggest money manager in the world - then you can "spread your risk"- but then again - they are not stupid !

This came from Bloomberg today.

BlackRock Buys

For some investors, the turmoil has been an opportunity to purchase shares cheaply. BlackRock Inc., the world’s biggest money manager, said Dec. 23 it added to its Turkish holdings, especially financial stocks, in a bet that the worst of the crisis may have passed.

[thebillet]

I was chatting with some Turkish neighbours and mentioned how hard it must be financially for them with the lira being under so much pressure. I was surprised that one thought the rate currently was 3.1 and the other thought it was 2.8! The latter even had to nip off and check my figures on his PC. On reflection it is obvious that with sterling to exchange I would be more alert to changes but I imagine for locals the impact will come when price rises  such as petrol and electricity filter through.