turkish lira near 2.7

david123


Joined: 07/07/2008
Posts: 393

Message Posted:
25/10/2008 22:41

Hi all,



the Turkish lira is hitting near 2.7 at last hope it keeps on going up.



http://www.advfn.com/p.php?pid=forexqkchart&btn=updatecharts&elists=1%7C3%7C7&elists=1%7C3%7C7&email=Enter+Your+Email+Address+Here&curcode1=GBP&curcode2=TRY&updatecharts=GET+QUOTE&symbol=FX%5EGBPEUR



David

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
25/10/2008 22:46

forex rates do not change over the weekend.... so depending on how the weekend goes you often see a big movement when the markets open on Monday...



I see in Cyprus Today that this lowering of the Lira was seen as a bad thing for Turkey and the TRNC... not sure of their logic when it makes Turkey and TRNC cheaper for visitors... and goods more competative, one of the things they need to ride out the storm surely.

david123


Joined: 07/07/2008
Posts: 393

Message Posted:
25/10/2008 22:54

Hi Groucho,



yes I agree, something should be done.



David

not2sure


Joined: 15/07/2008
Posts: 79

Message Posted:
25/10/2008 23:14

Watch the prices go up!!

andre 514


Joined: 31/03/2008
Posts: 1163

Message Posted:
25/10/2008 23:19

not the whole story

since the pound sterling is also doing badly

against euro and dollar

seems the ytl is sliding faster though



bad bad bad for north cyprus

except that it will encourage tourists and visitors

to spend a bit more



and quite off thread,

can anyone confirm the local price of a kilowatt-hour

from kibtek please?



many thanks,



andre

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
26/10/2008 07:42

The price per unit is 300 at .3 next 300 at .3778 next 300 at.4078.



The number of units in each band varies according to the number of days between readings - which is only fair.



These are the normal domestic rates as at 8/10/2008.

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
26/10/2008 13:20

'except that it will encourage tourists and visitors



to spend a bit more'



Only if prices are not raised to cover the depreciation ,which is unfortunatly all to often the norm.

NoNowt


Joined: 09/10/2008
Posts: 68

Message Posted:
26/10/2008 15:17

Groucho - is that how to work out halfway between 53 and Wednesday ? Does'nt look like currency conversions.

karakum5c



Joined: 18/03/2008
Posts: 1021

Message Posted:
27/10/2008 00:24

IF the ytl rate continues to fall and revalues to say 3.5ytl to the £ and stays about there , what about all the expats who put money into ytl accounts for the high interest rates?

tonyhickey



Joined: 13/06/2007
Posts: 413

Message Posted:
27/10/2008 03:06

Now you know why the interest rates are so high. Nothing for nowt in this life

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
27/10/2008 06:45

Tony the interest rates are high because local borrowers have to pay such high rates to get loans....



Historically mortgages which would generally be a cheaper way to borrow as un-Islamic... it's one good thing the Islamic Banks have going for them... they are not heavily involved in the mortgage market... prime or sub...



Nonowt, I take your query is a repsonse to the electricity rates asked for in post 5 but i'm not quite sure what your question is... can you re-phrase?

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
27/10/2008 11:25

karakum5c



They will continue to get high interest rates but and here comes the crunch if they then want to convert back into sterling they may have suffered a large loss.

For example if they converted £100 into YTL when the rate was 2.5 YTL they will have 250 YTL and if they convert back to sterling when(if) the rate is 3.5YTL to £ they will only have £71.42 Remember though that in the meantime they will have received interest

NoNowt


Joined: 09/10/2008
Posts: 68

Message Posted:
27/10/2008 12:28

Sorry Groucho. Andre's verses had gone off thread and confused the stupid fool in me. I thought it was a continuation of one of your jokes!

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
27/10/2008 14:53

going the other way now 2.60 ytl to £

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
27/10/2008 15:10

Turkbank is 2.55 at 3pm.

Ossie


Joined: 19/01/2008
Posts: 311

Message Posted:
28/10/2008 11:19

Lower still this am,2.51ytl.Yuk,just as I was about to exchange sterling.

Ossie


Joined: 19/01/2008
Posts: 311

Message Posted:
28/10/2008 11:53

And still falling,2.46 11.48am

authentichoccie


Joined: 09/01/2008
Posts: 481

Message Posted:
28/10/2008 12:07

Typical few days until pay day and its going down!!!

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
28/10/2008 14:55

2.48 at 11am in alsancak

flowerfairy


Joined: 17/09/2008
Posts: 1277

Message Posted:
28/10/2008 17:15

2.425 at 2pm in Alsancak

gooligan


Joined: 30/01/2007
Posts: 1591

Message Posted:
28/10/2008 17:15

2.44 at the mo.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
29/10/2008 18:17

2.46 today

david123


Joined: 07/07/2008
Posts: 393

Message Posted:
29/10/2008 18:23

hope it keeps going again

smithy


Joined: 17/07/2008
Posts: 5301

Message Posted:
29/10/2008 20:22

2.42ytl at girne today, always the way when you draw money out the bank to change up

Smithy

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
29/10/2008 23:02

Sorry,



ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ.



We live here, our money is in TL earning 18.5 % so exchange rate is largely irrelevant.



Only people exchange rate should bother are holiday makers and currency speculators. If you can afford to speculate on currency exchange rates you have too much money!!!!!!!!



Did you here about the Hedge Fund Managers that are going on the dole this week. They all speculated on the price of VW shares going down from Fri To Mon. What they did not know was Porsche were putting a deal together to take over VW at the week end. What happened, shares rocketed on monday and the fund managers last everything. This morning they were pleading for help. OH DEAR ME. These are the people who generally have no fathers who are destrying the financial systems by gambling on share prices. Nothing to do with feeding the kids etc.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
29/10/2008 23:14

cyprusishome



If your income is in YTL then I do agree with you regarding the interest rate, however, as you know there are many living in the TRNC who are in receipt of UK pensions and the exchange rate is very important to them.

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
30/10/2008 00:10

hi cyprushome

at the end of the day you should not think the rate shud only be observed by holiday makers, even thou u live there and u r getting 18% on your turkish money, in just over a month the rate was down to 2.20 and then went up to 2.70, so on every 10k sterling you have in lira you would made just under 2k when u change your turkish money into sterling when its low then change it back to lira when it goes up, of course you have to play the waiting game and mite be a gamble but earning nearly 2k on every 10k you have,it is much better than earning only around 400ytl a month on your turkish money would you not agree

regards

ukturk

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
04/11/2008 22:11

2.365....



Pound continues down the toilet...

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
05/11/2008 03:01

2.353 and falling

Turbo


Joined: 24/12/2006
Posts: 833

Message Posted:
05/11/2008 04:08

Isnt that good for the lira?

Turbo


Joined: 24/12/2006
Posts: 833

Message Posted:
05/11/2008 04:34

1.48 TL for the Dollar ,not great either.

Alexo


Joined: 14/04/2008
Posts: 95

Message Posted:
05/11/2008 06:45

Cyprusishome,



Where do you get 18.5%, do/should all the banks give this interest rate, also is this rate dependent on the amount of cash in the account?



I don’t believe I get that amount of interest with my account.



Cheers,



Alex.

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
05/11/2008 06:45

its great for the lira and great for the person whos going to convert back to sterling

Turbo


Joined: 24/12/2006
Posts: 833

Message Posted:
05/11/2008 06:54

Alxo, dont forget, when you go to withdraw your cash they tax your cash, I am sure someone else will tell us how much they tax you.

It doesn't come out that attractive after taxes. a little better but not that great.

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
05/11/2008 07:05

have you got it in ytl time deposit acc that where you get the rate

Navek



Joined: 01/06/2008
Posts: 2656

Message Posted:
19/11/2008 18:11

Lira slipping today





1.00 GBP = 2.5522 TRY @18.05 TRNC time

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
19/11/2008 18:42

1 British Pound = 2.48791 Turkish New Lira 18.37

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
19/11/2008 18:52

The tax on your interest is 8% so if your interest is £100 you lose £8 tax

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
19/11/2008 19:19

hi grouch you know this is a nightmae for us as landlords wants sterling, other suppliers euros some still want dollars, not one wants us to ay thier own currency, the way its yo yoing is so confusing. we try to keep prices competitive but with exchange rate commisions etc its really hard. will it really help tourism or penalize poor pensioners, i am totally confused. take care and we can only watch the rates wjen they open monday lilli

Navek



Joined: 01/06/2008
Posts: 2656

Message Posted:
19/11/2008 19:34

Hi LILLI



"we can only watch the rates wjen they open monday lilli "



If you are online you can check the rates as often as you want,

There many sites to do this,

then you can change your exchange rates

for customers on a daily/hourly rate to suit.

Here's one........



http://money.uk.msn.com/



PS poot yoor lite on, sow yoo dont mayk sow mani misteaks



Or use a 40 watt candle





Navek

sylvie


Joined: 12/03/2008
Posts: 1081

Message Posted:
19/11/2008 20:03

FOR 18% interrestS , you glet clear about 14 6 15 % tell me whick bank in europe gives you such a rate!

Navek



Joined: 01/06/2008
Posts: 2656

Message Posted:
20/11/2008 09:10

1.00 GBP = 2.6076 TRY @ 09.05 TRNC

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
20/11/2008 12:58

Sylvie,

You do even better than that. The tax is only 8%

18% = 16.56%

19% = 17.48%