Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: dycedon on May 13, 2014, 12:55:47 PM
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My mate just phoned me from town , he went in to change some money into Turkish Lira, the girl said that they had no Lira and Turkey were not releasing any, the shop is in Aberdeen, Ramsays Travel travel, she was going to take it off of the money exchange board, very strange, can anyone enlighten me on this please.
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This has been flagged up on T.A. for a week or so now. Travel FX and a lot of the online agencies have no lira. It has been removed from their websites and it has been running out in all the exchange shops. It seems the Turkish Government are withholding lira from going out of Turkey. The exchange rate on the Dovis also seems to be dropping. It is now down to 3.48.
http://m.doviz.com
Amazing to think we got 3.81 in Debenhams a few months ago.
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If it is any use to you I have 67 TL left over from last year and can sell it on to you at cost price (= 2.9/£).
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I bought Turkish Lira yesterday at Travelex in Cambridge at 3.45, most of the other places had Turkish lira on their boards, but the rate was bad. Wont buy any more now until we get over at the end of the month, its always a better rate in Turkey than in the UK. Travelex did say that they had not had any new supplies of TL they were selling on the lira that had been returned to them.
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It's only 3.44 in the change shops in fethiye today.
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very interesting thanks for that :)
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Colwyn
Thanks for the offer of the 67tl, if you can drop it off in Aberdeen I would be most grateful, I will cover the cost of your flight :)
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I was in Wrexham Post Office today and asked if they had any TL in stock. They had "at least 10,000TL in the safe and could get more in 24 hours if needed".
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I spoke to Post Office supply chain today and asked if there were any difficulties obtaining Turkish Lira. They were totally unaware of any problems.
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Copied this from Martin Lewis's website
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Anyone going to turkey soon you might have trouble getting Lira
i work for travelex and we cannot order it and are running out in the bureaus , we also supply sainsburys / tesco / asda / M&S so they might be out of stock and not be able to order
we have been advised that its a problem with the turkish govenment that is restricting the supply of currency
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Turkish government are probably trying to get more foreign money into Turkey....?
It's reminding me of Cuba's currency policy. Peso is the official currency but foreigner's can only buy 'Cuc's in Cuba, at a rate the national bank decides....... But (to a Cuban) a 'Cuc' is worth a hell of a lot more, cause they 'fix' the exchange rate....... Fascinating country :)
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Funny isn't it,people having a job to get T/lira in UK, and people having trouble getting Sterling.
Out of cash machines in Fethiye?
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I don't know the answer to this but a couple of possibilities occur to me.
First, Turkey Central Bank has been selling a minimum of $40 million per work day and vacuuming up TL. This policy changed last Friday when the minimum was dropped to $20 million. A combination of this support alongside the high interest rates probably accounts for the recent strengthening of the lira.
Second, the Turkish holiday season doesn't seem to get into full stride until towards the end of May so there may not yet be a large demand for lira and exchange agencies may be reluctant to hold large stocks of a volatile currency.
Meanwhile my 67TL is gaining value all the time!
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I think your first option is closer to the mark Colwyn. Exchange companies tend to have a pretty good idea of what currencies are in demand and which ones aren't, on daily or even hourly basis. I don't think they keep a large "stock" as such, but buy sufficient currency to meet their projected demand, again within a very short time frame.
Maybe now the holiday season is almost with us we'll see a slight loosening of the TCB's fiscal policy of hoovering up Lira from most of the FX markets.
Anyway, a stronger lira suits me just now... we're in the process of selling our house in Istanbul and it's being sold in Lira :)
JF
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Again, From Martin Lewis' website....Comparisons for getting Lira in the UK.
http://travelmoney.moneysavingexpert.com/?utm_source=MSE_Newsletter&utm_medium=cheaptravelmoney&utm_term=13-May-14-v2&utm_campaign=travelmoney&utm_content=10
Today....14/5....Lira not available from Nat West but apparently readily available from other sources.
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Asda have it and are not aware of any problems, the rate is poor though 3.34 the other day x
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Lira not available as an option two minutes ago on the Asda website.....they had it as an option yesterday. ???
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It is all very erratic at the moment, but I'm glad I've now got enough lira to last the holiday unless I get carried away at the Promises Auction : :)
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Post Office now limiting Turkish Lira to 1000 per customer