Sterling - Turkish Lira exchange rate

dougskud



Joined: 04/04/2008
Posts: 356

Message Posted:
21/07/2011 21:38

2.708 tonight



I think this trend will continue

regards



Doug

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
21/07/2011 21:46

How come its so high?

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
21/07/2011 21:55

Because it is a controlled devaluation orchestrated by the Central Turkish Bank which suits their new export manufacturing base in its Worldwide competitiveness.



Richard

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
21/07/2011 21:57

In that case it cant last

erolz


Joined: 17/11/2008
Posts: 3456

Message Posted:
21/07/2011 22:05

Exactly Richard



http://www.businessweek.com/news/2011-07-12/turkish-lira-at-two-year-low-as-minister-unfazed-by-depreciation.html



"A weak lira is “no concern” and helps the Turkish economy, Caglayan [Foreign Trade Minister] said at a meeting with reporters in Istanbul today. Turkey aims to keep its currency weak and offer incentives for local production as part of a strategy aimed at boosting exports and narrowing the record current-account deficit, he said."

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
21/07/2011 22:05

Msg 4

No point in giving you advice on when to buy, 'short' or 'long' on foreign currency!



Richard

erolz


Joined: 17/11/2008
Posts: 3456

Message Posted:
21/07/2011 22:09

More here



http://www.bloomberg.com/news/2011-07-12/turkey-government-to-finish-work-in-2011-to-cut-intermediate-goods-imports.html

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
21/07/2011 23:52

Msg 6...What goes up will surely come down