Continental Bank (English speaking K/oglu) new rates of interest

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
09/10/2009 14:38

Kibris Continental Bank

Karaoglanoglu Branch

TURKİSH LİRA

1 Month 12.50% 200,000 + 13.00%

3 Months 12.50% 200,000 + 13.00%

6 Months 12.75% 200.000 + 13.50%

1 Year 13.50% 200,000 + 13.75%











STG EURO DOLLAR

1 Month 5.00 5.00 4.50

3 Monthly 5.50 5.50 5.00

6 Monthly 6.00 6.00 5.50

1 Year 6.50 6.50 6.00

Effective as of 12/10/09

Contact details t.abdullah@kibriscontinentalbank.net

(0392) 822 4359 TYRA

laptagal


Joined: 28/05/2008
Posts: 549

Message Posted:
10/10/2009 12:33

Hi, can anyone explain why the interest rates are different for lita and sterling accounts (I don't really do numbers). If, for example, I brought in£10,000 from the UK and had the choice of putting it in sterling or lira account, why would I put it in a sterling account as it pays less interest?

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
10/10/2009 12:57

mess 2 - bless !



you are not thinking of buying a house are you ?

laptagal


Joined: 28/05/2008
Posts: 549

Message Posted:
10/10/2009 13:46

Oh Nick, how unkind. I said I don't do numbers - just wanted a simple explaination. I just don't get the bank interest thingy I have 2 houses - doen't everyone?

nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
10/10/2009 14:01

Laptagal

I also don't normally do figures. But at this moment in time if you brought over sterling it would be wise to put it in a sterling account and wait until the lira went back up to say 2.60 as oppose to 2.36 which it is roughly at the moment. To make it easy if you change to lira with the rate at the moment you would get 23600 tl if you waited then you could get 26000lira for your money.

Sorry thats the best I can do to explain.

Chris

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
10/10/2009 14:30

Hi Tyra

I have emailed you about the TL rates. The monthly rate seems to be higher than the rate you are currently paying me for TL monthly time deposit. How can this be when TRNC Central Bank rates are dropping?

melbrandy


Joined: 23/08/2009
Posts: 44

Message Posted:
10/10/2009 15:16

The interst rates look impressive.

However, i do have a few questions...sorry to look a gift horse in the mouth etc.

a) What were the rates for last week, in other words are the new rates up or down from those last set by your bank.

b) Where can i access the financials for your bank. I am reluctant to rush in without at least trying to understand why your bank has one of the highest deposit interest rates on the island. Call me conservative if you like.



regards

Magbs


Joined: 26/02/2009
Posts: 278

Message Posted:
10/10/2009 15:31

Laptagal,



If you want a simple explanation, TL is the currency that is prone to higher inflation. One of the ways to fight inflation is to keep higher interest rates.

MartinM


Joined: 03/10/2009
Posts: 166

Message Posted:
10/10/2009 15:49

High Interest = High RISK

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
10/10/2009 17:03

Just like in the UK. High risk I mean.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
10/10/2009 17:06

Oh yes & Iceland too.

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
10/10/2009 17:22

NN be nice or I will slap your wrists..I don't do numbers either and I get really confused.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
11/10/2009 01:10

Laptagirl msg 2, Quite simply if you put your money in a sterling account it stays the same plus any interest accrued...ie your £1,000 will always be your £1,000 plus any interest..4% 5% 6% or whatever...........however if you chose to put your money in a TL account and go for the higher interest rate 11% 12% 13% etc then your money is at risk, up or down to currency fluctuation. Thats to say £1,000 @ 2.6TL = 2,600TL @ 11% interest = ....... and £1,000 @ 2.2tl @ 11% = .... so your 11% interest [ lets say ] is less if the exchange rate is lower, and if the exchange rate were to be as low as 2tl = 1£ and interest rates were to be 5% then you would have a problem. Best is to wait for a higher rate of exchange before changing any currency. Interest rates can only go one way next year.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
11/10/2009 02:16

Message 13

This would make sense if Sterling were to strengthen but that isn't happening at present is it? It's going the other way.

£1,000 will not be £1,000 if inflation in the UK. picks up. These arguements about Sterling versus TL depend on what happens to currencies against each other in the longer term & also on whether you reside in the UK. or the TRNC?