Author Topic: Lira getting Stronger - Why?  (Read 291415 times)

0 Members and 1 Guest are viewing this topic.

Offline MrT

  • Jr. Member
  • **
  • Posts: 98
  • Age: 58
  • Location: Littleborough
  • Newly Registered
Re: Lira getting Stronger - Why?
« Reply #1160 on: August 09, 2018, 15:57:20 PM »

To be fair, if someone is resident in Turkey and doesn't have the need to change lira into sterling or euros, then the depreciation against other currencies isn't so much of a problem.  It only becomes a problem if they decide to leave Turkey and cash in their lira, that's when their losses will become apparent.

What is an issue is that interest rates are high for a reason - and the main one is that inflation is high in Turkey.  So once you take the tax off the interest received and gauge that net figure against the current inflation rate, then they're not making as much as they think.  There are investment products available in the UK that give far higher returns than the high street banks, with much less risk than lumping it into a Turkish bank.

JF

I see what you mean.  why would you look back on your old currency when you have made the move over.  Still I'd rather keep my money in a safer currency than the Lira far too volatile at the moment.



Offline yabanci

  • Sr. Member
  • ****
  • Posts: 1829
  • Location: Turkey
Re: Lira getting Stronger - Why?
« Reply #1161 on: August 10, 2018, 06:30:58 AM »
The money markets don't  seem to be impressed with Albayrak unveiling his new economic plan. The dollar is trading at over 5 70 this morning and the pound is now over 7.30 tl.

Offline MarKar

  • Full Member
  • ***
  • Posts: 342
  • Newly Registered
Re: Lira getting Stronger - Why?
« Reply #1162 on: August 10, 2018, 08:19:48 AM »
I have just read a post on another site that says the banks have closed to foreign exchange, can anyone confirm or explain what this will mean. Thanks

Offline stoop

  • Cerial Killer
  • Global Moderator
  • Prolific Member
  • *****
  • Posts: 17649
  • Age: 68
  • Location: York, North Yorkshire
Re: Lira getting Stronger - Why?
« Reply #1163 on: August 10, 2018, 09:43:50 AM »
7.62 as I type!

Offline stoop

  • Cerial Killer
  • Global Moderator
  • Prolific Member
  • *****
  • Posts: 17649
  • Age: 68
  • Location: York, North Yorkshire
Re: Lira getting Stronger - Why?
« Reply #1164 on: August 10, 2018, 09:45:06 AM »
I have just read a post on another site that says the banks have closed to foreign exchange, can anyone confirm or explain what this will mean. Thanks

Can’t imagine why they would. Surely they want any currency other than the Lira right now?

Offline JohnF

  • Administrator
  • Prolific Member
  • *****
  • Posts: 4322
Re: Lira getting Stronger - Why?
« Reply #1165 on: August 10, 2018, 09:49:18 AM »
I have just read a post on another site that says the banks have closed to foreign exchange, can anyone confirm or explain what this will mean. Thanks
Some have, some haven't. 

Things are not looking good.  Even the currency conversion sites have the lira trading at different prices, apparently it was over eight to the pound earlier although XE have a low of 7.74.

Can’t imagine why they would. Surely they want any currency other than the Lira right now?

They may not have the lira to exchange.

All very worrying.

JF

Offline daveG

  • Full Member
  • ***
  • Posts: 570
  • Location: United Kingdom
Re: Lira getting Stronger - Why?
« Reply #1166 on: August 10, 2018, 09:51:42 AM »
On our return in mid June we did buy some currency to bring back for our autumn break at 6.0ish so bit of a bummer!!

Offline yabanci

  • Sr. Member
  • ****
  • Posts: 1829
  • Location: Turkey
Re: Lira getting Stronger - Why?
« Reply #1167 on: August 10, 2018, 14:03:03 PM »

Offline KKOB

  • Prolific Member
  • *****
  • Posts: 13570
  • I'm hearing the word.... Nonce !
Re: Lira getting Stronger - Why?
« Reply #1168 on: August 10, 2018, 14:31:59 PM »
8.30 ! Parachuting's obviously getting popular as the TL goes into freefall.

Offline yabanci

  • Sr. Member
  • ****
  • Posts: 1829
  • Location: Turkey
Re: Lira getting Stronger - Why?
« Reply #1169 on: August 10, 2018, 16:04:32 PM »
Reg was obviously  very pleased with his son-in-law's handling of the economy today.









Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf