Kibkom North Cyprus Forum

Had my TL deposit account with Credit West for one year now. Was getting 10% but only been offered 9.5% for a further 12 months. Is this about right or should I look around?
Thanks
Mick

Mick- I have a fair old sum maturing at the end of this month with Creditwest.
You need to shop round and see what's on offer-another bank will often go the extra mile to get your business,but once the deal ends will try to retain you on a lower rate.
I would see what the other TRNC banks can do for you.
Personally,I think Interest rates will have to go up in the new year,in order to support the lira (which is in freefall at the moment) and by a fair bit (maybe 2 %+)-I am currently thinking of only renewing for 3 mths,and then re appraising the situation then.
Obviously the amount you have to invest will have some bearing on the rate you get, from my own experience if you have £100k plus(In TL) you can get 2-2.5% over the banks published rate for a specific term.
In conclusion shop round-don't tell a bank what you have been offered elsewhere,and as an ex IFA I would say don't tie up for too long-3 mths would be my suggestion,although you will get a lower rate.
Hope this helps.

Creditwest have just tried to drop a friends rate. They said that they would withdraw and bank somewhere else. A call later from the bank left their rate the same.

OMG!.I thought creditwestr is a very nice to save with. I am really thinking now if I will go with them.

Mick Universal Bank are offering up to 12.5% on a yearly account on TL why not give them a call on 05338417388 the Branach next to starling in Alsancak. Very good service

We now have 3 different threads on the same subject. can't they be amalgamated?

Owl Lady-I agree.
I think 'helper ' might just be an employee of Universal Bank-What do you think?

My universal account gets 8% only but then I dont have loads of money.But I cant really move it as my credit card is tied to that account so I would have to clear that and then get another credit card as they block the amount of credit from your account as security.

Lira down to 3.46 now.

Now back to 3.495 on the mine disaster and concerns about the coming elections.
Erdogan has not handled the disaster well and provoked a lot of anger, especially after his comments that such mining disasters happen everywhere including the UK.
I see his car was attacked by angry protestors when he visited the mine yesterday.

3.46 is the rate you get as of now when you exchange sterling for lira.

I think some of you are getting 'Interest rates' and 'exchange rates' mixed up-they are two massively different things.

Deniz1 wrote:My universal account gets 8% only but then I dont have loads of money.But I cant really move it as my credit card is tied to that account so I would have to clear that and then get another credit card as they block the amount of credit from your account as security.

I guess thats what i will be getting then.Not been over for a while.Thanks for the info Deniz

I know the difference Philoz I am not an idiot but it was easier than starting a a new thread as they are related. Dodger I asked for an increase today and got another 1%

On Exchange Rates, I prefer to keep an eye on 'live' FX (Foreign Exchange) rates as cash Money Exchange shops are often an hour, or even overnight, delayed in changing their rates.
This means you can predict what the 'cash' rate may be later in the day or tomorrow.

For example, yesterday afternoon Monexchange at Karakum were still offering 3.46 although the FX rate was showing around 3.5. As expected, Monexchange have changed their rate to 3.5 this morning.
Not a fortune,... but every penny counts!

The FX rate is currently around 3.54, so the cash rate may change during the day.

You can follow 'live' FX rates on such as Yahoo, or pop this in your favourites and keep ahead of the shop price!

http://uk.advfn.com/p.php?pid=qkchart&s ... X%5EGBPTRY


I'll comment on interest rates a bit later!

owl

Hi all,

Anybody who wants to know the interest rates on TL, GBP, USD or EUR at Universalbank, can mail to osman.kocak@universalbank.com.tr (Marketing and Sales Manager)

King regards.

On Interest rates, been to Creditwest, had a 6 month deposit maturing today. Had been at 9%, rolling over into another 6 month would be 9.5%.
Turned it into a 12 month at 10.75%, well above their advertised rate for the amount.

Personally I feel there is more downside rather than upside ahead in the next 12 months for deposit rates.

Turkish inflation has been increasing way above Bank target and is expected to peak this month or June, then start falling for the next 6 months at least.

Central Banks usually use higher base rates to control inflation and if inflation does start falling, as expected, higher rates will not be needed.
The complication is that Erdogan is at odds with the Central Bank and wants to see lower rates. This would be popular at home and a vote winner in the forthcoming Presidential and Parliamentary Elections.
The Central Bank and most analysts however, want to see continued high rates to attract the inflow of capital and foreign investment Turkey so badly needs.

If inflation does fall, Erdogan may get his way and get the Central Bank to reduce rates, which would result in lower deposit rates. This could happen in the next 6-12 months.
The lire has strengthened recently and Sterling is at a 4 year high which it may well fall from as it is hurting UK exports.

That's why I have opted to lock in for 12 months.

Philoz
Your prediction in October (post 2) last year was pretty accurate,.... well done!
Any views on the next 6-12 months?

Monex 3.50 at 4.30pm today

Deniz1 wrote:I know the difference Philoz I am not an idiot but it was easier than starting a a new thread as they are related. Dodger I asked for an increase today and got another 1%

Cheers for the info Den.

Deniz1 wrote:I know the difference Philoz I am not an idiot but it was easier than starting a a new thread as they are related. Dodger I asked for an increase today and got another 1%

Well said Deniz, he does come across like that.