Exchange rate , what is going on ?

spireite


Joined: 21/02/2007
Posts: 39

Message Posted:
28/08/2008 18:58

Today the Pound Sterling dropped below 2.17 against the Turkish Lira , what is going on . In April it was over 2.40 YTL and last year it was over 2.70 YTL .



Any ideas on why the Turkish Lira is so strong at present.

hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
28/08/2008 19:01

I think it's because of the UK economy and the pound against the dollar/Euro.

Wilts Girl


Joined: 16/07/2008
Posts: 159

Message Posted:
28/08/2008 19:04

I have watched the exchange rate on the Lira go steadily down since booking my holiday at the begining of the year, wish I had changed my money then! It was about 2.5 in January I think now I'll be lucky to get 2.1!

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
28/08/2008 19:19

The acceptance of the AKP parties policies re head scarf in Turkeys High Court is a major point.



IMO it means relative stability for the Turkish government when the western world is taking a major nose dive.



With Turkey in controlling major oil supply routes from Azerbayjan, Iraq, Iran etc it also makes them a key international player in the oil world.



In addition they are making all the right noises to Russia, Iraq, Iran, Syria etc a move that makes better sense and a clever diplomatic ploy than them joining the EU.



Earlier in the year several of us here forcast rates at around 2.70 for Autumn but with all of the above it is likely that 2.30/2.40 is a more realistic target.



Whatever, the average man in the street (oh sorry got to say person now!!) always looses. It is pointeless trying to speculate on currency changes because you cannot tell what the money makers and politicians will do next.