Lira

[Highlander]

Forgive me and I know full well that everything is relative. but the difference between 3.815 and 3.760 per £ 100 is 5 lira Wow -how amazing is that

[kenkay]

I don't know money market terminology but last night I think I became a "bull". I bought £1500 worth of lira at 3.812, no commission, free delivered. In my uneducated opinion the only options for the lira crisis meeting were devalue or increase interest rates.
For those interested I used travelmoneymax.com and opted for Travel Premier, part of I.C.E.
At the time my desktop monitor was showing 3.93 and is now showing 3.621.

It'll be interesting to see if I get "bit on the bum".

I edited this a while ago and corrected 3.93 lira to 3.843. however it has vanished along with scunners post about the 66K apartment sale, mystified!!!

Now scunners post has come back!!

[Scunner]

Forgive me and I know full well that everything is relative. but the difference between 3.815 and 3.760 per £ 100 is 5 lira Wow -how amazing is that

Yes Highlander, all relative - now what is the difference between 3.75/£ and 2.75/£ over £60,000 - this is relative to someone who sells their apartment at 2.75 (May 2013) and in the last few days has to bring the money to UK in sterling...

Don't worry, I'll do the maths for you

Their £60,000 would now be worth £44,000 - that's £16,000 simply gone in 9 months. Sadly 8% interest p.a. on 60k won't help much over the same 8 months.

A bit more hard hitting that your 5 TL example.

[Scott and Lisa]

Finans bank now offering 3.47 to the pound, a bit differnt than yesterday's 3.81! A massive difference if turning back into gbp

[tuzlachap]

From the Hurritey this morning.

Turkey's Central Bank hiked all of its key interest rates in dramatic fashion at an emergency midnight policy meeting Jan. 28.

The bank raised its overnight lending rate to 12 percent from 7.75 percent, its one-week repo rate to 10 percent from 4.5 percent, and its overnight borrowing rate to 8 percent from 3.5 percent - all much sharper moves than economists had forecast.

Some win, some lose.

TC

[Jacqui Harvey]

I note that Travelfx have gone down to 3.50 whereas Debenhams are still offering just over 3.76  The Debenhams rate seems to be set for the day, so, it may be worth members getting their Lira with Debenhams today. http://finance.debenhams.com/travel-money/overview/

Re H's question.  If you are told you can take the 3.76 or go and look for a higher rate on the net and it will be bettered, what would you do?  Just take the 3.76 or look for a better rate?  there would be nothing to lose.   

[Karennina]

Jacqui I am trying to but some tl from Debenhams do you know if they deliver as I can not find a delivery option and we don't have a Debenhams near us, thanks  

[scorcher]

 ...or indeed "lose" just like the Toffees !   

[Scott and Lisa]

Finans bank now offering 3.47 to the pound, a bit differnt than yesterday's 3.81! A massive difference if turning back into gbp

3.622380 TL this morning! this is one crazy country!

[Colwyn]

Wow! That is a hell of a rate rise! 4.25%! Right up at the top end of expectations. If that doesn't sort out the Lira problem in the short-term then it is really deep trouble. But this morning has started in the familiar way of recently - down to 3.7 from a best position of under 3.6.


Erdogan must be spitting feathers and his advisers walking on eggshells.