Author Topic: The Trauma of Changing Lira Back to Pounds  (Read 10755 times)

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Offline Scunner

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The Trauma of Changing Lira Back to Pounds
« Reply #10 on: March 09, 2015, 17:46:07 PM »
That is possibly true. However things don't look like there's a big reversal coming any time soon. The decline seems to accelerate as time moves on. 2.52 to the dollar? It wasn't long ago it was 2.52 to the pound. And if it goes to 4.06 which is very possible, it will be double the old rate of 2.03 many of us remember clearly.

Hang on in there may be one strategy. Most people's experience in doing so has been disastrous and they wish they'd got out earlier.

I thought we'd got out far too late but history will show we were bloody lucky to get out when we did.

As I think I said previously - my heart goes out to all those still playing the 'trauma game'.



Offline JohnF

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #11 on: March 09, 2015, 18:35:55 PM »
Hang on in there may be one strategy. Most people's experience in doing so has been disastrous and they wish they'd got out earlier.

Exactly.  If your investment is now worth so little in relation to the initial deposit then maybe, just maybe, it's better to write it off as a loss and see what happens a year, or two years or three years down the road.  It'll still be accruing interest (well, thats a maybe also) so in lira terms, its increasing in value.

JF

Offline mercury

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #12 on: March 09, 2015, 19:15:00 PM »
We bit the bullet in October last year..Daren't say how much we lost but not as much as if we had waited until this coming May when we can get out again... Now I am just looking how many Lira to pound to spend on our holidays.. We will re coup a bit that way. My heart goes out to them who have missed the boat now... I can't see it going back down any time soon especially if Erdogan has his way...

Offline Rimms

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #13 on: March 09, 2015, 19:35:51 PM »
It's all a very real problem for some and I can understand why but I can't help thinking that nobody (at least, nobody I know) ever stresses about the relationship their pounds deposited in UK banks has to the green back or Hong Kong dollar?

What I don't understand is that I meet people here who are not wishing or contemplating a return to the UK stressing out about this. I'm certainly no financial expert and please don't respond about the negatives of a weakening currency, I get all that but when the pound reached its low point in 2008, I don't recall very much talk of people buying wheel barrows to take the money round to Tesco's to buy a loaf?

Interesting alternative point of view regarding a strengthening currency can be found here: http://www.telegraph.co.uk/finance/economics/9404428/Strong-pound-is-UKs-weakest-link.html

I took some very good personal advice from Scunner on locating here, it has served  me well and although I'm not going to discuss my personal financial circumstances, it's safe to say that if you are not sure whether a move to Turkey is your "forever location" then the old adage of eggs and basket applies.

Offline madmart

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #14 on: March 09, 2015, 20:32:17 PM »
As ever more sound advice from Rimms

Offline Scunner

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #15 on: March 10, 2015, 08:26:04 AM »

It's all a very real problem for some and I can understand why but I can't help thinking that nobody (at least, nobody I know) ever stresses about the relationship their pounds deposited in UK banks has to the green back or Hong Kong dollar?

What I don't understand is that I meet people here who are not wishing or contemplating a return to the UK stressing out about this. I'm certainly no financial expert and please don't respond about the negatives of a weakening currency, I get all that but when the pound reached its low point in 2008, I don't recall very much talk of people buying wheel barrows to take the money round to Tesco's to buy a loaf?


Obviously people who have no plans to return to the Uk permanently ever should have no interest in how many liras they might need to buy a pound.

I'd suggest many perhaps do have a long term plan to return - but even those who don't are having to contemplate that their worldly wealth is eroding away if it is to be left to family who have no interest in Turkey and will convert it to pounds at the earliest opportunity and bring it back to the UK.

Offline WordBird

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #16 on: March 10, 2015, 09:16:28 AM »
It's all a very real problem for some and I can understand why but I can't help thinking that nobody (at least, nobody I know) ever stresses about the relationship their pounds deposited in UK banks has to the green back or Hong Kong dollar?

What I don't understand is that I meet people here who are not wishing or contemplating a return to the UK stressing out about this. I'm certainly no financial expert and please don't respond about the negatives of a weakening currency, I get all that but when the pound reached its low point in 2008, I don't recall very much talk of people buying wheel barrows to take the money round to Tesco's to buy a loaf?

Interesting alternative point of view regarding a strengthening currency can be found here: http://www.telegraph.co.uk/finance/economics/9404428/Strong-pound-is-UKs-weakest-link.html

I took some very good personal advice from Scunner on locating here, it has served  me well and although I'm not going to discuss my personal financial circumstances, it's safe to say that if you are not sure whether a move to Turkey is your "forever location" then the old adage of eggs and basket applies.

Couldn't agree more on the eggs and baskets line. Even though we have no intention of leaving Turkey, you can never predict what's round the corner and we still need to go back to the UK sometimes. We definitely like to keep our options open.   :)

Offline Colwyn

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #17 on: March 10, 2015, 10:05:54 AM »
I came across an interesting statistic today - well it interested me anyway. I was looking for information on whether Turkish people hold their money in lira, or in dollars and euros. What I found instead was about the importance of gold. Figures from 2012. Turkish commercial banks holding of gold = $8.67billion. Turkish Central Bank holding = $11billion. Turkish citizens holding gold in their own homes, estimated at ..................... $300billion. Wow!

http://www.ibtimes.com/turkeys-govt-wants-citizens-store-gold-banks-not-homes-428720



Offline KKOB

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #18 on: March 10, 2015, 11:19:43 AM »
Gold has always been the preferred saving method in Turkey That's why there are so many jewellers.  ;) It's not just to satisfy the tourist market. It's amazing the amount of gold on show if you're lucky enough to be invited to a Turkish engagement party or wedding.

I think we often forget that the Turkey the majority of us see is just the Western, commercialised edge of a huge country and, although the USD, Euro, or £ might have an effect on the economy, most Turks's have a far better understanding of the value of gold than a currency they've never seen.

Offline mercury

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #19 on: March 10, 2015, 11:41:58 AM »
At the moment anyone who is drawing an British pension is better off than they have been for quite a while.. However they are probably watching the interest rates as a lot of people went to live there when it was 20% and above.. If Erdogan has his way there will be a lot more worried people.. Rental prices were in the region of 500tl for a good place.. Now it is 900tl for anywhere of quality.. I know that some will be worrying that you if it came to selling their properties they will be a damn site worse off..  Either when they change it to sterling to return or to keep it in lira and live on falling interest rates.. 




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