Kibkom North Cyprus Forum

Gone over 8TL to £1. What happens next?

It goes up or down.... keep one third of your money in Euro, Sterling and Turkish Lira and hedge your bets I guess.

There'll be winners and losers as always, plus no-doubt the few traders putting their prices up accordingly to compensate, or charging the same figures but in £ instead of tl.

It’s all kicking off again with Syria... probably the reason behind the latest fall in the TL.

Just bought all of my holiday money on my Revolut account for my next visit. Got 8.06.

Just bear in mind that on 20/07/2018 the TL rate was 6.26. On the 14/08/18 the TL was 8.87.
Personally I have my money mainly in sterling and what TL I do have is on deposit in a one month account and I monitor the currency rate. If it does start to move sharply I am happy to write off a months interest and convert it into sterling. I would be looking at losing £100 in interest as opposed to potentially a third of the sterling equivalent of my lire. Also I can then hopefully buy back into TL at the better rate.

So stay liquid guys and remember that the interest isn’t as important as the exchange rate

More important than fx/interest rates is what bank your money is with in terms of safety.

I have enough lira in the TRNC to cover monthly bills and that's it.

If you want exposure to the lira I suggest you have a lira account in the UK and transfer it periodically.

It did reach around 8.07 ish today but now spot is back to 7.95....Boris must have opened his mouth again !

13roman58 wrote:Gone over 8TL to £1. What happens next?

Boris speaks and it goes back down again

Saddique wrote:

13roman58 wrote:Gone over 8TL to £1. What happens next?

Boris speaks and it goes back down again

I’m sure Erdogan will pipe up and it will go up again

EnjoyingTheSun wrote:

Saddique wrote:

13roman58 wrote:Gone over 8TL to £1. What happens next?

Boris speaks and it goes back down again

I’m sure Erdogan will pipe up and it will go up again

War in Syria looks imminent so the TL will take a lashing again especially vs the $
Brexit is holding the pound back and depreciating against the $ and €
Stock Markets have gone sour
corona Virus spreading like wildfire

All doom and Gloom out there right now

Saddique wrote: War in Syria looks imminent so the TL will take a lashing again especially vs the $
Brexit is holding the pound back and depreciating against the $ and €
Stock Markets have gone sour
corona Virus spreading like wildfire

All doom and Gloom out there right now

Stock markets around the world are getting a bit of hammer since the coronavirus but it’s early days. The 1987 crash was pretty big but shares bounced back within a few months as they generally do. The $ has been quite volatile over the last couple of years. Many economists believed £ was overvalued pre Brexit but in the years since the vote the £ € rate hasn’t been too volatile

FX market for GBP looks grim - apparently more downside to follow for GBP
GBP v USD 1.15
GBP v EUR 1.06
GBP v TRY 7.51

as at 19/03 GMT 08:30

GBP v TRY should be 7.51 - typo

A couple of years back I took what at the time seemed to be a "flyer" and went for the Dollar when everyone else seemed to go back to the GBP or Euro. Its been and bit up and down, but at the moment I'm glad I did it. Rarely check, as at the moment there is very little I could do in any case.

Had transfer today it was already changed to Lira why £1600 amounted to 1275tl after costs strange old world still better that than stuck in limbo . Who knows that might be a good rate next week ?

In Supremes today there board was showing 7.56 supsed that be gone soon

gates wrote: ↑

Thu 19 Mar 2020 10:30 am

Had transfer today it was already changed to Lira why £1600 amounted to 1275tl after costs strange old world still better that than stuck in limbo . Who knows that might be a good rate next week ?

Think you've either missed a 0 off of the tl or put an extra one on the GB Gates, otherwise we're in deep poo.

yep sorry i mist a 0 but after talking to the people who paid it in the uk the bank told them they were not allowed to send sterling only lira is this true not that its there fault . I get this with my pension