Exchange Rate Wow

[scaffman]

Well whats happening to the crazy rate now today at 5-41 to the gbp.Anyone know whats happening.How are the locals feeling about this.comments please.

[jayceebee]

£ stronger after Chancellor's spring statement.

https://www.poundsterlinglive.com/gbp-l ... -statement

[kerry 6138]

And Turkish Lira downgraded

http://www.hurriyetdailynews.com/turkis ... sks-128688

[Reyntj]

The locals and anyone on tl salary are suffering the minimum wage was increased in feb 2017 to net 1730 tl at the time this equated to 430 euro

http://cyprus-mail.com/2017/02/02/north ... imum-wage/

The same salary now is only worth 360 euro ! So an effective 70 euro pay cut ! People here where earning more 7 years ago in sterling terms .

Turkey raised its minimum wage 14 % in december to 1603 tl . Which is lower than here but its cheaper to live in turkey .

I think the election here maybe has got in the way of ncreasing the minimum wage . They really need to increase it by similar amount to turkey ie 14 % just to prevent peoples living standad going down as inflation is so high . If the dont all these new hotels they keep building they wnt be able to get an staff.

Trnc has stagflation a oeriod of low conomic growth and high inflation .

[Reyntj]

I just checked some figures in may 2011 the gross minimum wag was 940 tl at the time that was c $630. Now the gross minimum wage is 2020 tl is $520 ! The minimum wage is $110 less than it was 7 years ago the standard of the living for people on locals has been going down .

[Reyntj]

Great news. The trnc havng read this threadhave today increased the minimum wage to gross 2370 tl . Not seen it on the internet ye but im told by my turkish friends ive just had dinner with.

[Laura B]

I do hope that is right. The falling value of the lira is causing real hardship to many.

[13roman58]

The only obvious problem is that employers will have to increase prices to compensate so one follows the other

[kayc]

it baffles me how anyone could survive on 2300 tl a month. So, if that is the minimum wage - what is the average monthly salary here for the native cypriots? I see many driving Range Rovers, BMWs and Mercedes - so I assume somebody is making money.

Is there "income taxes" here in TRNC, and retirement pay such as SS?

2300 is a pittance, and the working students make even less, not to mention the masses of "undocumented" labourers.

As for business opportunities open to foreigners that's quite limiting... seems you have to have a native sponsor (not quite the correct definition). I'd think that would be a process they'd want to open up to generate more commerce, there are many entrepreneurial business concepts that have yet to be implemented here, IMO.

[Reyntj]

Hi 2300 tl is the gross wage . Not sure what that nets out at yet . From the turkish news its saying 2364 tl it probably is net pay just less than 2000 tl . Very many workers are on or little more than this salary . Th fan y cars are the business owners tye land owners the propert developers and london turks . Also most will agree the locals much prefer a nice car than a nice house thats not to say some of them dont have nice a house . You only have to drive round some tatty apartments and see the bmws and mercdes parked outside. Nothing wrong with that if thats what they enjoy just an observation.

[Reyntj]

Many low paid workers are in the hotels and have accomodation and breakfast and lunch so its viable option to come from turkey and surroundng countries for a job .the tourism and hotel business needs these workers .

Black market rate in famagust was 50 tl pe day a year ago and theres apparently lots of poor students etc prepared to work for that . Maybe more in kyrenias 60 to 70 tl . Average salary for cleaner waiter dogbody is 1800 to 2300 tl . Chef ie small manager c 3000tl to 4000 tl police nurse something similar . 4000 tl is good salary middle managemnet . 5000 to 7000 tl upper management . Big manager ie airport manager or hotel or casino manager 15000 tl plus perks like accomodation allowance . Thats my experience anyway . Big salary is 5000 tl plus !

[august]

Very difficult times for locals paid in Lira. What are the possible consequences if Lira continues to weaken. How weak can a currency get before a country, TRNC, Turkey, goes bankrupt? If that possible? Can a currency become worthless? I don’t understand how it all works but seems like pretty desperate times for Lira. Anyone shed any wisdom on the subject.

[terry2366]

It's because of brexit "we are all doomed mr manner ing doomed" the number of posters on here that said that one or two in particular. It's bad for people paid in lira but for the majority of expats from Europe very good news.

[Keithcaley]

It's because of brexit "we are all doomed mr manner ing doomed" the number of posters on here that said that one or two in particular. It's bad for people paid in lira but for the majority of expats from Europe very good news.

Where did anyone mention 'Brexit' please?

[pc4854]

terry2366 did - I saw him do it!!!!

[jayceebee]

If not for the Leave decision in June 2016, I think that the rate would be well over £1 =TL6.5 by now?

[Hector]

Wait for the £ to fall against the euro etc. if an agreement as to the next steps and way forward on Brexit isn't agreed, I think as early as next week.

[waz-24-7]

currencies are slightly more volatile that usual at the moment.
Brexit in UK. Protectionism and Mr Trump in USA. Uncertainty in many other economies.
Investors and hence money is flowing around the globe seeking profitable havens.
The lira continued to weaken on more prospects for Turkish economy.
£ Sterling remains comparatively weak since 2016 referendum.
The dollar has fallen off partly due to Mr Trumps protectionist measures.

Inflation in the TRNC is now an issue as Tl continues to loose value and as most manufactured goods and fuel are imported costs are rising very quickly. I guess about 22% right now.

[terry2366]

Well I'm not one of you clever guys that know how the world moves and shakes but from a poor council estate scholar. When I cam her £ was 2.25lira it's now 5.52 yes prices have risen but not to that ration . Must get the punka wallah to pull faster.

[Maisiemoo]

The Brexit transition deal has been agreed causing the pound to strengthen.

[erol]

Well I'm not one of you clever guys that know how the world moves and shakes but from a poor council estate scholar. When I cam her £ was 2.25lira it's now 5.52 yes prices have risen but not to that ration . Must get the punka wallah to pull faster.

I am not so sure myself ?

For example the price of 10kg gas bottle went up from 23TL to 24.5TL on 18th Nov 2009 (according to this http://www.cyprus44.com/forums/26380.asp ). The GBP to TL exchange rate on 18th Nov 2009 was 2.48TL to the pound (according to xe.com). So around £9.30 (just before increase) to £10 (just after) in 2009.

What is the price of a gas bottle today ? I ask because I do not know. But if its around 52TL to 55TL per bottle them price in sterling is about same as it was in 2009 by my calculations.

[IPMAN]

What is the price of a gas bottle today ? I ask because I do not know. But if its around 52TL to 55TL per bottle them price in sterling is about same as it was in 2009 by my calculations.

Last one I bought was 50Tl - so slightly less.

[paul90]

Erol - re message 21:
Please see below costs of Intergas bulk deliveries from 2009 onwards.
These are from deliveries to my house and the TL price per litre was converted to £ Sterling using the exchange rate on the day of delivery.
April 2009
1.10TL £0.46
January 2011
1.70TL £0.65
January 2012
2.10TL £0.72
January 2013
2.05TL £0.72
January 2014
2.38TL £0.65
January 2015
1.81TL £0.48
October 2015
1.85TL £0.40
August 2016
2.02TL £0.53
March 2017
2.55TL £0.56
Feb 2017
2.74TL £0.52

[erol]

Please see below costs of Intergas bulk deliveries from 2009 onwards.

Thanks for taking the time to produce and post this list Paul. I would say looking at your figures that at least as far as gas cost here go, other than a 'blip' 2012-2013 it shows that the cost in TL has increased at around the same rate that Sterling has increased vs the TL ?