good time to get out of tl

maybemike


Joined: 12/01/2009
Posts: 188

Message Posted:
21/01/2009 15:27

2,2820000 TL get out and buy back in later

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
21/01/2009 16:13

Was a lot better 2-3 weeks ago at around 2.10tl. Question would be at what rate would you get out of sterling and when do you think that will be.



Afraid currency speculation is a mugs game unless you have a lot of spare cash. All currencies are going to continue massive fluctuations for the coming year.



Other thing to consider, at present you can still get around 18% on TL account if you move to sterling at best about 3%. So work out the lost interest against any speculative gain.

maybemike


Joined: 12/01/2009
Posts: 188

Message Posted:
21/01/2009 16:31

i think it will be back to 2.4 or above in a week

AndyP



Joined: 18/04/2008
Posts: 517

Message Posted:
21/01/2009 17:47

Current value is 2.3083 Source= http://uk.finance.yahoo.com/currency/convert?from=GBP&to=TRY&amt=1&t=5d



You can get 6% on Sterling account and 19% - 21% on TL account at the Continental Bank (opp. Karakum Lemar).



Been watching the Lira and although not as good as 2 weeks ago i think it may drop just under 2.30 by end of week. If you have lots of Lira it would be worth switching to GBP and wait for the rise. Get it right and it will make you more than interest would in 6 months.

maybemike


Joined: 12/01/2009
Posts: 188

Message Posted:
21/01/2009 17:51

i was in at 2.6 sold at 2.25 bought back in 2.4 just got out 2.28

maybemike


Joined: 12/01/2009
Posts: 188

Message Posted:
21/01/2009 17:52

http://www.advfn.com/p.php?pid=forexqkchart&elists=1|3|7&elists=1|3|7&&curcode1=GBP&curcode2=TRY&symbol=FX^GBPEUR

AndyP



Joined: 18/04/2008
Posts: 517

Message Posted:
21/01/2009 18:17

Looks like I was right. Current value 2.2886 (18:11 TRNC time)

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
21/01/2009 18:23

If dear old Gordon hadn't srewed up the UK economy there would be 3 TL to the £.



cyprusishome is correct with his statement that all currencies are going to have massive fluctuations this year.



I'm not sure what will happen to the TL over the next few months that is anyones guess.

Stubs


Joined: 01/07/2008
Posts: 641

Message Posted:
21/01/2009 18:34

Turkish Lira has always been volotile hence the reason that the banks give such high interest rates for investment into TL. Last year it was at similiar rates which is still more advantageous over the Eurozone. Last year tourist were getting around €1.30 to the £1. Now you it is almost £1 for a €1 on the high street.



If anyone thinks that the TL is going to go down further then invest in it. Currency is the opposite of any other commodity in which you buy high and sell low. Anyone who has TL at a higher rate at the bank would be best advised to use that to cover their local expenses as a pose to cashing it in.