Turkish Lire

magicart


Joined: 05/10/2008
Posts: 985

Message Posted:
09/01/2009 07:38

Anyone know why the Turkish lire has moved from 2.21 at the start of the week to 2.36 this morning?



Thanks

jacktheladett


Joined: 01/07/2008
Posts: 528

Message Posted:
09/01/2009 08:06

Pound strength has probably got something to do with it. It has strengthened against the dollar and the Euro.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
09/01/2009 14:28

hi art

yes i think the pound is making a recovery.

say woof woof to your wonderful girl for me.

AndyP



Joined: 18/04/2008
Posts: 517

Message Posted:
09/01/2009 14:42

The Continental Bank informed me this morning that it also has someting to do with Turkey and some arrests in the AKP party. Not sure if this is correct or not.

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
09/01/2009 15:01

reasons: Almost each holiday period the YTL goes down against GBP...to ensure a poor rate for visitors.

The middle of jan is a poor time for people exchanging ( there are a couple of more times in the year as well )...hence better exchange rate to encourage buying of ytl

plus

slight improvement of gbp....hope this helps ( I am predicting 2.4+ sometime over the next 14 days ( 2 mins ago, rate was 2.387 )

billbob


Joined: 14/03/2008
Posts: 122

Message Posted:
09/01/2009 15:25

Can anyone tell me then, if we are coming out in April, are we better off exchanging money here in GB in a couple of weeks time, or wait until we arive in Cyprus in a few months?

Barabus



Joined: 04/01/2009
Posts: 163

Message Posted:
09/01/2009 15:33

Please don't say that.....I wanna see the pound plunge !!

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
09/01/2009 15:37

Dear Billbob..no one can say with any degree of certainty...my advice is any rate above 2.4 is reasonable...( I am waiting to do so )

Ossie


Joined: 19/01/2008
Posts: 311

Message Posted:
09/01/2009 17:23

Billbob, you generally get a better rate in the country you are visiting.Plenty of banks and exchange shops in Girne and most shops/hotels etc give fair exchange rate.

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
09/01/2009 17:28

For up to the minute rates, try :

http://www.fxware.com/forex-currency/fx_chart.asp?f=GBP&t=TRY&d=p&l=en

Perry


Joined: 27/01/2007
Posts: 413

Message Posted:
09/01/2009 23:51

Sterling has recovered by some 7% across many currencies including EUR, $ and YTL. The reason is that the market was expecting interest rates to be cut a full 1% (to 1%) - in fact it was only cut 0.5%. The market had already discounted GBP for the larger cut - when it didnt happen, the exchange rate recovered. Hopefully it will stabilize now - at least for the time being.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
09/01/2009 23:57

Bank of England Base Rate will never go below 1.5%. I predict that by the end of the year Sterling will be back where it was in January 2008. i.e. very strong against the $ and the €.

Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
10/01/2009 00:03

Very brave No1..................I will wager a meal and wine that the pound falls to 1% by end of March

Perry


Joined: 27/01/2007
Posts: 413

Message Posted:
10/01/2009 11:30

I would say it could even go below - it all depends on what Mr Obama decides to do when he takes office. If the US opts for zero (a real possibility) we will go to a max of 1% - watch this space !

karakum5c



Joined: 18/03/2008
Posts: 1021

Message Posted:
10/01/2009 14:23

The Bank of England didnt want to make this latest cut because they know the cuts have not been stimulating the economy but have instead been undermining confidence which is at the very heart of this financial crisis. They were under political pressure so they relented, they will not do this again and are more likely to resign if pushed again, this is something the Chancellor or Prime Minister will not risk and quite rightly so.



Interest rates will remain at 1.5% for the next year probably and then start their rise again at lot quicker than we have seen before.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
10/01/2009 15:16

karakum

i agree with you here.

just look at mortgage rates right now.

halifax are offering 4.79% on 2 year fixed.

but look at the high rates for 5 and 10 year fixed.

they are just enticing everyone with low rates so the can earn big time on those people later.

i'm not sure they have learnt anything at all from the recent situation.