What is happening with exchange rate?

Chelpet


Joined: 10/03/2010
Posts: 253

Message Posted:
17/08/2010 22:39

What is happening with the Pound against the YTL exchange rate, a little while ago it was 2.39 now its back to 2.32 it is up and down more then a brides nightie, whereas the Pound against the Euro and Dollar is fairly steady.









Peter

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
17/08/2010 22:44

That's only a 3% movement.....not too dramatic I would have thought !

Chelpet


Joined: 10/03/2010
Posts: 253

Message Posted:
17/08/2010 22:51

Maybe not but its just the frequency that it goes up and down.

Jefferson


Joined: 17/05/2010
Posts: 360

Message Posted:
18/08/2010 00:28

I don't know where 2.32 comes from. The international monthly average is shown as just under 2.375. I hope this is right as i'm coming over to change money in the next 11 days.

hal9000


Joined: 01/12/2008
Posts: 154

Message Posted:
18/08/2010 00:32

Many of us on here remember when the exchange rate was 2.7:1 - and it wasn't that long ago. The Turkish Lira fluctuates wildly against more stable currencies; 3% is nothing.

hal9000


Joined: 01/12/2008
Posts: 154

Message Posted:
18/08/2010 00:50

Oh, and YTL? Haven't seen one of those for a long time!

Chelpet


Joined: 10/03/2010
Posts: 253

Message Posted:
18/08/2010 00:53

You are saying 3% is nothing, lets put it another way, on £3000.00 that a difference of £90.00 I reckon I could have quite a reasonable night on that.

The reason for my original query was that it just seems to fluctuate very rapidly, and as we have just bought our villa and still buying and sorting stuff out in it we are bring in quite fair sums of cash, and obviously want to get the best rate for it.

I just guess we will in time get used to the Turkish system and its quaint ways.

Jimmyboy63


Joined: 16/03/2009
Posts: 400

Message Posted:
18/08/2010 08:38

Over the last 4-5 yrs the exchange rate has fluctuated between £1= 2.2 t0 2.7 which is a lot less than the fluctution of the Dollar or Euro to the pound over the same period

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
18/08/2010 09:35

Chelpet



It is also worth remembering that a fluctuating exchange rate provides the opportunity for those with a bit of 'spare' cash to have a 'dabble' on the markets, flipping from sterling to TL and back again when the situation merits it. Tidy sums can be achieved if you get it right



Paul

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
18/08/2010 12:03

Hi Chelpet,

If you are changing sums like £3000 then can I suggest the following.

Open a sterlling account and a TL account in a good bank like Garanti or Creditwest. If the rate isnt good when you are over put some in the sterling account and transfer it to TL when it is better.

I have noted the rates since 2005 and I always work on 2.35 in my mind as that is the avaerage apart from

2006 when it hit 2.94 in June and stayed above 2.6 for over a year.

If you are not wanting to use it for a while put it in a TL savings account, my best ones are 11% at the moment.

Chelpet


Joined: 10/03/2010
Posts: 253

Message Posted:
18/08/2010 12:16

Msg 10 have already done that its just ready cash for immediate spending when we come over, will just have to live with it, noticed today it went from 2,32 to 2.34.it is just a matter of timing when to change the money.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
18/08/2010 16:28

Chelpet

I always take enough TL home with me to last the next time until I go to the bank. Having said that the change shops both half way down the hill in Girne and opposite the Dome always give the same rate as Garanti.Also I use a Turkish credit card which doesn't loose anything in silly exchange rates and also uses the 24 hour cash machines. Card also gets us into the lounge at Istanbul, very useful as one way is always a long wait.

MrsSnakes



Joined: 19/12/2008
Posts: 1100

Message Posted:
18/08/2010 16:39

funny.....I am sure Wyn and myself had a post on here that seems to be removed

MrsSnakes



Joined: 19/12/2008
Posts: 1100

Message Posted:
18/08/2010 16:41

oh my humble apologies...............was the Catalkoy Burglaries and it was not removed