Exchange Rate

[Marggie]

One of the gadgets I keep open on the desktop is "Currency" showing the Turkish Lira to the Pound.  First thing this morning it was showing 3.205.  A short time ago I noticed that the rate of exchange showing was US Dollar to Pound, when I tried to correct this, Turkish Lira had disappeared from the available currencies.  Strange.

[Marggie]

It is back!  Now 3.217

[Colwyn]

At a meeting yesterday with economists and bankers Central Bank officials confirmed that they were not willing to increase interest rates. In fact their attitude to forex 'volatility' was relaxed and they stated that they could weather a further 5% weakening. This would take the lira to over 3.35 to the pound. Not good news for those holding large sums of lira and feeding into inflation through higher dollar-based energy costs.

http://online.wsj.com/article/SB10001424127887324123004579054910007971146.html