Kibkom North Cyprus Forum

C7.60 tl/£1 a drop of 5-6 % in one day .

From bloomberg ;

We believe this pace of FX reserve fall is unsustainable,” JPMorgan strategists including Anezka Christovova said in a note to clients. “We see a high risk that FX reserve support will abate post local elections on March 31, which could lead to USDTRY trading substantially higher.”

The media has suggested the central bank have been buying tl from currency reserves to support the tl which is unsustainable and that after the elections will stop which may lead the currency to weaken further . All conjecture of course but next two weeks will likely be a bumpy ride. Mayoral elections are on sunday 31 st of march and are a seen as a litmus test of presidents erdogans executive presidency .

Saw a report that it will be around 14 TL to £1 in a couple of years

David, have you a link to that report?

I read that too

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

https://www.bloomberg.com/news/articles ... rt-on-lira

I know turkey is full of conspiracy theiories but there seems a lot of evidence that the u.s. are indeed tampering with the $/tl rate for political purposes . In the last lira diownfall l it was largely due to the u.s, selling tl i remember seeing some statistics and the bulk ot the selling of tl was done by the u.s.a holders Over a short peroid of time .

Scary if true!