5 tl to the £

[Reyntj]

Jsut an abservation really . 5 tl to the £ breached . With uk amd fed potentially increasing interest rates coupled with president erdogans political spats which seem ongoing is the next stop 6 tl . Not good for the local economy and people paid in tl . Its going to increase prices and the problem i see even if the tl goes back down nobody reduces the prices do they !

[jofra]

Here In the UK, just informed the OH; her first immediate response: "Oh those poor people!" She realised (as do I) that OK, us swallows and holiday makers get more to our pounds, but for those who live there all the time (Cypriot or expats), it just means higher prices....
Supply and demand (AKA greed and avarice), either in goods, services or currency markets is a cruel and heartless creature - sad that there is no alternative....

[Ragged Robin]

Wow! You just put it in a nutshell, jofra

[sophie]

Particularly increase in petrol, that will go up in leaps and bounds and stay there regardless of pound to the tl. That is certainly down to greed because they put it up virtually overnight at petrol stations although we all know, like masses of other goods, a price is agreed well in advance, when pound -v- tl were much lower. They try to bamboozle people with gobbledegook but that works no longer.

[David]

And i thought that the Turkish economy was getting stronger according to reports

[wanderer]

Its there this morning very sad for us all
XE Currency Converter: GBP to TRY
1 GBP =5.00240TRY
British Pound
1 GBP = 5.00240 TRY
↔Turkish Lira
1 TRY = 0.199904 GBP
2017-10-26 07:49 UTC
All figures are based on live mid-market rates. These rates are not available to consumer clients.

[Ragged Robin]

who is kidding who. Looking at my last Supermarket bill, very few of the items originated in the UK. The majority were from Turkey and quite a lot of the more expensive items from EU countries : butter from France, Ireland and Holland, Cheese from Holland and Turkey, Cider from Denmark. etc, biscuits from France and Belgium etc.

How many other items originate from the UK and/or paid in sterling? Cars? Petrol? Building Supplies?

What is the justification for having everying tied to the Sterling rate of exchange?

[waddo]

"butter from France, Ireland and Holland, Cheese from Holland and Turkey, Cider from Denmark. etc, biscuits from France and Belgium etc." And was us all thinking that you were a poor old age pensioner - lol. Biscuits indeed - pure luxury - three (3) different types of butter - what's wrong with margarine? And "Cider" well what more is there to say. I know, have a great day and don't worry too much.

[The Banshee]

Seems to me that with the move of the Turkish Govt towards a virtual dictatorship with anyone who disagrees labelled as ' a terrorist' the markets will continue to downgrade their currency. No freedom of speech, opposition media closed down, judges, police, armed forces all 'purged' and 'the boss' prone to irrational decisions likely to be 10 lira to the pound !! The only thing that will stop it is when the Turkish people understand and start to see what's going on .... years down the road!! RR the only reason is probably that property and cars and some other big price items are sold here in TRNC in sterling ????

[David]

Will only get worse under this dictator

[elizabeth]

Time to start using any savings you may have left in the bank while it's worth anything.

[Reyntj]

Look on the brightside it makes transactions easy to convert visitors are always asking whats one pound worth in tl well things are easily divided by 5 . 50tl atenner 100 tl a twenty . Itsnotgoing to be easier than this until it reaches 10 tl to the £. We have never had it so good .

The pro erdogan media keep saying how well the economy is doing . They recently changed the basis for gdp calculation .... according to turkstat they have gdp of over 5% . So how come unemployment is not falling and is over 10 % wages are not rising and the currency consistently has being depreciated .

[wizardofmann]

I really don't understand what all the fuss is about. The price for living in 'paradise' is still far cheaper here than back in the UK.

There is a saying back where I come from......"If you don't like it, there is a 'boat' out in the morning."

Simples

[Hedge-fund]

who is kidding who. Looking at my last Supermarket bill, very few of the items originated in the UK. The majority were from Turkey and quite a lot of the more expensive items from EU countries : butter from France, Ireland and Holland, Cheese from Holland and Turkey, Cider from Denmark. etc, biscuits from France and Belgium etc.

How many other items originate from the UK and/or paid in sterling? Cars? Petrol? Building Supplies?

What is the justification for having everying tied to the Sterling rate of exchange?

I can't believe cat food is not on that list. After all it's the key to exchange rates.....

[paul90]

It's not so much "everything being tied to the Sterling rate of exchange" but more being linked to the US dollar, especially regarding imports of oil and petroleum based products.
As mentioned in message 1 the relationship with the US and the US dollar is the major influencing factor.
Since 7 September 2017 the Turkish Lira has fallen by 11% against the dollar.
Since 7 September the UK £ is virtually unchanged against the dollar.
Therefore the Turkish Lira is also about 10% weaker against the pound.

If the pound was still at the level of £1=$1.50 (the day of the Brexit vote) we would now have £1 = 5.60 TL.

[Ragged Robin]

"butter from France, Ireland and Holland, Cheese from Holland and Turkey, Cider from Denmark. etc, biscuits from France and Belgium etc." And was us all thinking that you were a poor old age pensioner - lol. Biscuits indeed - pure luxury - three (3) different types of butter - what's wrong with margarine? And "Cider" well what more is there to say. I know, have a great day and don't worry too much.

Hah hah. I did say at the top end - ie treats, and even in then in my case only when they are on special offer. Cider , two cans a week is all the alcohol I drink , hardly a major budget item. As for what is wrong with marge that is a health factor, but in fact I have cut down considerably on butter since the last increase and mainly use olive oil (gratis from a good friend who grows olives and makes his own). Cheese, along with other dairy products is actually prescribed by y doctor as bone buiding! I also eat a log of veg and fruit which is mainy locally produced or comes from Turkey but has still gone up.

Hedge Fund: Because I dont have cats./!!!! I do have three dogs, but I make most of their food from cheap meat provided by the butcher or offal , mixed with pasta and suitable veg.

Actually my major expenses, after heating and computer related , are Vets Bills and my own medical costs, but both seem to be linked to the rate of exchange. Medication in both cases is a major factor, but most seems to come from Turkey or another EU country.

[Ragged Robin]

RR the only reason is probably that property and cars and some other big price items are sold here in TRNC in sterling ????[/quote]

Doing my ancient mariner bit again, when I came here prices for major items like houses and cars were priced in sterling because the old TL was going up an down like a yo yo and Sterling was a stable currency. Also the British were the main source of income as the second largest foreign residents. There were not so many of us but were nearly all trusted and trustworthy and you get a discount on house rental if paid in Sterling. (and because they thought you were honest and would look after it) The second favoured expat and currency was the Deutchmark.

I don't believe this now applies , Brits sadly include those who are not so trustworth, and it appears other nationalities have taken over as the big spenders, particularly mainland Turks with, presumably, money in TL or at least nor sterling.

Where are building materials and cars sourced? . Building labour comes mainly from Turkey and, in any case, is paid inTL

[Reyntj]

A lot if rents in istanbul are n £ or $

[Hedge-fund]

Will only get worse under this dictator

I stand by what I said at the start of the year.

http://www.kibkomnorthcyprusforum.com/v ... 53#p173753

As things stand and if nothing changes I think things will come to a head before the end of next year and you will see intervention into the money markets by the central bank (or more likely the politicians erodogan may have put in charge by then). If you then wanted to move money out of Turkish banks you wouldn't be able to.

[TRNCVaughan]

with the £ at 5.08, and climbing, where will it level out?

[mrsgee]

Don'panic Mr Mainwaring, swings and roundabouts spring to mind....have a nice life everyone...wherever you are...

[TAC]

Here in the UK the best rates are

Over the past week the Turkish Lira has increased by 0.36% from last Thursday's rate of 4.944 to today's rate of 4.9617 which means £1000 will buy you L17.70 more now than it would have a week ago. During this period the best rate we recorded is right now at 4.9617 and the worst rate was 4.867 on Saturday

90 Day Exchange Rate History
The 90 day outlook has seen the Turkish Lira rate increase by 10.28% from 4.499 on 5th August 2017 to 4.9617 today. Based on these figures, £1000 will buy you L462.70 more today than it would have three months ago. The highest rate we recorded over this period was 4.9617 today and a low rate of 4.344 on 26th August 2017.