Turkish Lire hits 9

[EnjoyingTheSun]

All time high of 9.0184 hit today. Be interesting to see if Turkey makes any moves to strengthen their currency and also how low it will go

[techtrader]

Well it hit 9.1 very briefly in August 2018 but yes very close to all time high today

[Brinsley]

It used to be the last Thursday of the month when the central bank made foreign currency repayments of its enormous o.s. debts which would weaken the Lira. No advice just watch it carefully and often then dive in when comfortable.

[Brinsley]

PS
The rate shown are the banks mid-rate quote which no one gets so allow for percentage thereof for the buy/sell commission. It is always hard to know when to get in or out when currency dealing but there are historical graphs of the Lira which may help. The Lira is officially classified as 'junk' so be careful of any high interest rates offered as it would be swallowed up by rampaging inflation and a further 'run' on the Lira.

[Hedge-fund]

Turkey is heading for a perfect storm.

Geo political suicide. Monetary & fiscal nonsense. Unsustainable foreign debt.

The list would go on but we have to be mindful of recent censorship noises.

If things continue as they are, and they will, and once a Brexit deal is agreed in Q4 gbp/tlr rates will be one way traffic.

[frontalman]

The pound has strengthened a lot against the dollar in the last few days, hence the rate going up so much. The lira/dollar rate has increased but not so dramatically.

[EnjoyingTheSun]

The pound has strengthened a lot against the dollar in the last few days, hence the rate going up. The lira/dollar rate has increased but not so dramatically.

The pound has increased against the dollar and euro but all 3 have increased against the lire. I don’t just think it is a strong pound

[Reyntj]

There has been some conjecture in the press that recently the lira has been held at $6.85 by goverment intervention. Despite state banks spending over $2 billion on monday and tuesday this week the currency has still fallen against the dollar which has been weaker else where. This currency intervention is unsustainable

[JoandJelly]

I got 8.96464 via Transferwise this morning.

[EnjoyingTheSun]

I got 8.96464 via Transferwise this morning.

Don’t want to get competitive but got 9 yesterday.
For those who have a Revolut card you can set a target at which to buy. Eg when it hits 9 or 9.2 you set the card to buy x amount at that rate.

[IPMAN]

I got 8.96464 via Transferwise this morning.

For those who have a Revolut card you can set a target at which to buy. Eg when it hits 9 or 9.2 you set the card to buy x amount at that rate.

wow just had a look at that - what a useful tool!

[EnjoyingTheSun]

wow just had a look at that - what a useful tool!

Been called a tool lots of times not called useful so often!

For those who can’t see it, if when you go to the exchange bit you should see a blue letter A next to auto in the top right hand corner.

Hit the A and you’ll get pretty much the normal exchange screen up but with a set target box in blue.

So whack in what rate you want to buy at and keep your fingers crossed that it hits it

[paul90]

The pound has strengthened a lot against the dollar in the last few days, hence the rate going up. The lira/dollar rate has increased but not so dramatically.

I agree with you Mark, the dollar has weakened against the £ this week because of the stalling of the American economic recovery that is partly due to the effects of Covid 19 in the USA.
Have a look at the graph in this link, especially just before and after the Brexit referendum in June 2016 when the £ weakened dramatically against the dollar:
https://www.ofx.com/en-gb/exchange-rates/

[paul90]

Well it hit 9.1 very briefly in August 2018 but yes very close to all time high today

When we moved here in 2010 the rate was about £1=2.34TL.
Some forecasts are predicting 10-12 TL to the £ during the next two years!

[frontalman]

The pound has strengthened a lot against the dollar in the last few days, hence the rate going up. The lira/dollar rate has increased but not so dramatically.

The pound has increased against the dollar and euro but all 3 have increased against the lire. I don’t just think it is a strong pound

I didn't say that did I? The lira has weakened, but it looks worse against the pound which has strengthened recently against the dollar.

[frontalman]

The pound has strengthened a lot against the dollar in the last few days, hence the rate going up. The lira/dollar rate has increased but not so dramatically.

I agree with you Mark, the dollar has weakened against the £ this week because of the stalling of the American economic recovery that is partly due to the effects of Covid 19 in the USA.
Have a look at the graph in this link, especially just before and after the Brexit referendum in June 2016 when the £ weakened dramatically against the dollar:
https://www.ofx.com/en-gb/exchange-rates/

Thanks Paul

[MnM]

I think we can expect a run on Revolut Cards now.

[Wines Of The World]

And Gold is almost 2000 dollar an ounce .

All you lucky people with sterling !

Prices in the supermarkets are being changed as your reading this

[judyvin]

Withdrew cash with Revolut this morning @ 9.01 and have set an exchange target of 9.05. Highest today so far with Revolut is 9.03.

[EnjoyingTheSun]

Withdrew cash with Revolut this morning @ 9.01 and have set an exchange target of 5.05. Highest today so far with Revolut is 9.03.

have set an exchange target of 5.05?? Exchanging what to what?

[Keithcaley]

Withdrew cash with Revolut this morning @ 9.01 and have set an exchange target of 5.05. Highest today so far with Revolut is 9.03.

have set an exchange target of 5.05?? Exchanging what to what?

That was going to be my question!

If judyvin withdrew cash (from an ATM), rather than exchanging some Sterling for TL in an online account, I just don't understand!

[Brinsley]

The Turkish Lira is not officially linked to the US dollar however, most of its foreign debt repayment is made in dollars, so any weakening of it will affect other currencies. The huge loss of foreign tourists/visitors this 'summer' season will also destabilise the Lira because of less o.s. currency flowing into the exchequer.

[judyvin]

Typo plus the sun in my eyes, should be 9.05!

[Keithcaley]

Typo plus the sun in my eyes, should be 9.05!

Naughty Sun!

That makes more sense!

[steve66]

Joandjelly may I ask were you charged anything from your TC bank as I have made a transfer today with
Transferwise, paid their fee but have been charged a total of 61.80tl by my bank here.
This is the first time I have used Transferwise so I don't know if this is the norm. Thanks.

[Trigger]

Didn’t someone on the board post a news article a few months ago that said about the TL reaching double figures in the near future?

[Chriswright03]

Well allegedly this is a respected source.

http://poundf.co.uk/gbp-to-try-forecast

Whatever you do don't look at 2024!

[Keithcaley]

That's the forum equivalent of a 'Wet Paint' sign!

[Chriswright03]

That's the forum equivalent of a 'Wet Paint' sign!

[Brinsley]

I suggest that £ € currency holders stock up on imported produce/products that are used on a regular basis whilst the going is good before inflated price hikes erode any benefits.