Why is it suddenly falling?

Ossie


Joined: 19/01/2008
Posts: 311

Message Posted:
01/09/2011 07:27

Have been aware that the exchange rate TL/Pound over the past week or so has been falling from a higof 2.90 ish to 2.78 ish.Can anybody give the reason?

Jefferson


Joined: 17/05/2010
Posts: 360

Message Posted:
01/09/2011 07:32

I,ve come back from the UK with ponds to change!

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
01/09/2011 07:34

As far as I can see, there was no logical financial reason for the rise of the pound/drop in the value of the TL. The Pound Euro and Dollar are all still in deep trouble with huge debts that nobody is able to repay.

Oh they'll try and tell their citizens not to panic and they have a steady ship but in reality they are all just using smoke and mirrors.

So was it Turkey deliberately allowing the TL to drop and make Turkish goods and services appear cheap to boost the economy? Quite possibly, they've done it before. When goods are looking value and holiday destinations seem cheap its only going to help in a weak market.

misunderstood


Joined: 08/04/2011
Posts: 1004

Message Posted:
01/09/2011 12:54

Exports -v-keeping the people at home happy. The exports benefitted from the exchnage rate being high.



Turkey appears to be trying to find a balance to help both.

Woodspeckie


Joined: 25/01/2009
Posts: 2263

Message Posted:
01/09/2011 15:28

Because I am going on holiday to Turkey next week.

EamonnMc


Joined: 18/06/2010
Posts: 1019

Message Posted:
01/09/2011 15:49

What's todays rate ?

batgirl


Joined: 04/02/2009
Posts: 676

Message Posted:
01/09/2011 15:59

2.77tl and falling

Stonehousepub


Joined: 21/05/2009
Posts: 755

Message Posted:
01/09/2011 16:27

What goes up must come down !!

dippersgirl



Joined: 04/05/2010
Posts: 795

Message Posted:
01/09/2011 16:29

On Tuesday the back exchanged pounds to Lira 2.878

Stonehousepub


Joined: 21/05/2009
Posts: 755

Message Posted:
01/09/2011 16:33

Banks were closed on Tuesday ???? Maybe you mean Monday.



Hopefully it will be down to a more reasonable rate in the next few weeks...

Geoff


Joined: 25/06/2008
Posts: 1370

Message Posted:
01/09/2011 16:45

Continuing low interest rates mean the £ sterling is unattractive to investors.

Thus the £ sterling has a continuing poor exchange rate into the euro, and until just recently the Turkish Lire also.

Concerns about the Turkish economy recently made the lire weak, the efforts by the Turkish administration has corrected that now.

Hence we go back to less lires for the £.

Geoff

Famagusta City.

(I quote from a well known French economist who has offices in Paris and in the TRNC).

EamonnMc


Joined: 18/06/2010
Posts: 1019

Message Posted:
01/09/2011 17:03

Who's that, Axterix ?

keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
01/09/2011 18:17

I don't think we'll see the true rate until Turkey goes back to work,which is Monday ????

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
01/09/2011 22:48

Hope it goes down quite a bit

Ossie


Joined: 19/01/2008
Posts: 311

Message Posted:
02/09/2011 08:28

Message 14,why,is it because you are speculating on the money markets? Obviously you don't live in Cyprus otherwise you wouldn't make such a stupid remark.

Trotsky


Joined: 30/08/2011
Posts: 51

Message Posted:
02/09/2011 08:33

2.77 today !!

smwredd


Joined: 07/10/2009
Posts: 260

Message Posted:
02/09/2011 08:36

Msg 15, agree with you, I see msg 14 lives in London. He might like to consider all of us on a pension and how the high rate is helping us cope with the high costs here.

susief


Joined: 06/11/2008
Posts: 529

Message Posted:
02/09/2011 08:48

Yes but what about us who are paid in lira but have to pay rent in sterling? For us it's not a stupid remark and I too hope the rate goes down a lot more.

theparson


Joined: 28/05/2011
Posts: 129

Message Posted:
02/09/2011 09:18

For some of us the more lira to the £ the better, for some of us not so good.

It depends what suits you best, though its virtually impossible to call the markets so we wait and see.



My view is a stable currency (about 2.55 TL to the £ ) is best, and this mid range should keep most members reasonably happyish.

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
02/09/2011 09:53

Ossie



Eagers comment is not a stupid remark. Many of us who live here have savings in TL. Should we need to leave the TRNC we would need to change the savings back into sterling and at the current rate would lose a significant amount.



Also, a weak lira makes imports more expensive and you pay more for your goods and services.



Regards



Paul

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
02/09/2011 10:58

Lets get back to 2.3....

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
02/09/2011 11:09

I noticed today that my savings acccount rate had gone up 1% in the last month. I don't know when that happened exactly but it might explain why the lira has recently gained a bit of strength. If Turkey is still not satisfied with the exchange rate they will maybe put the interest rate up again.

Ailletoo


Joined: 24/01/2009
Posts: 1003

Message Posted:
02/09/2011 12:13

Changing £250,000 into Lira at 2.3 gave me 575,000tl back at the beginning of the year. Were I to change it back into Sterling at an exchange rate of 2.9 I would receive 198,275.00 a difference of £51,724. So I for one am hoping the lira strenghtens against sterling and soon!

Kibris


Joined: 07/11/2007
Posts: 372

Message Posted:
02/09/2011 12:31

Message 23 - ouch!

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
02/09/2011 12:57

2.80 this morning.

metin


Joined: 08/09/2008
Posts: 1587

Message Posted:
02/09/2011 18:46

Exchange place opposite Dome Hotel giving 2.8 today

harita


Joined: 14/08/2008
Posts: 1343

Message Posted:
02/09/2011 20:30

Ailletoo .. Message 23 ..



Reap the interest ..

MoonageDaydre


Joined: 09/07/2011
Posts: 70

Message Posted:
03/09/2011 02:57

There is no certainty with exchange rates.

A couple of weeks ago I managed to change a couple of thousand pounds into Lira at 2.92. I wasn't sure then whether the rate would go above 3.00, but I sort of felt 3.00 might be a psychological value, and ,my gamble is playing off.....for the moment.

The GBP is artificially high at the moment, not really due to the UK economy, but because its still regarded as a safe haven currency, but there are signs that might be waning.