North Cyprus Bank Deposit Rates - Last 5 Years History?

walkerscott


Joined: 13/08/2009
Posts: 901

Message Posted:
13/04/2011 12:05

Can anyone provide information on the last 5 years bank deposit rate history? The highs and lows and whether they believe it will only get worse or not?

It would help me in my considerations whether or not to transfer funds from UK to the TRNC or not.

I know that in 2009 I was offered 16% on TL deposit accounts and I believe Sterling was a little less.

Thanks ...

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
13/04/2011 14:51

my prediction is that within 18 months the typical TL time deposit interest rate will be 4-5%

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
13/04/2011 15:40

Seems to be steady at 9percent some banks will give 10 depends on the size of the deposit.

keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
13/04/2011 15:46

It all depends on what happens to the Turkish economy and it's bank rates. There have been stories in the financial press that the economy is expanding too quickly and remedial action may have to be taken.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
13/04/2011 18:08

The rate depends on the amount you wish to deposit.

2005 /6 /7 I was getting 15 - 17%

Then in 2009 with more put in I got up to 20% which lasted on a 12 month deposit to Dec 2010. This is now 11%.



Sterling is never a little less it is always less than half the tl rate.



I mainly use Creditwest who I cam highly recommend.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
13/04/2011 23:59

Go to http://www.ncmoneyguide.info log on or register then go to the Guide and look at the Bank Accounts section. There are a couple of charts that show the historic TL interest rate. The news section has some articles and comments in regard to were interest rates are going and why.



Recently inflation was not as bad as they were predicting. The central bank is committed to reducing inflation and keeping the value of the TL under control so as to help exports and discourage “hot money”. With the strong likely hood of Turkey’s credit rating going to investment grade I don’t think we will see any major increase in the TL interest rate and a dowered trend is more likely.



But then with all that is going on in Euro Zone and the Middle East anything could happen but my personal planning is with a dowered trend in mind.