60 tl to £

[Reyntj]

Next stop who knows...

Almost 60 tl to £ today..

At least it makes head conversion prices a little easier as one weighs up the price of fish...

A local involved in business told me they wont increase the highest note denomination as they are purposely making it difficult to put pressure to adopt a digital currency and subsequently raise more taxes which would be transformational in turkey & here ending the informal economy overnight.

I guess its only a matter of time before theres no cash & digital is the only option.

[snd1966]

Cash is king and nobody can ever say where the cash has gone unless you want.
No way do I want a bank or government to know how many and I have a week

[benjaminbutton]

snd1968 I always said Cash was King when we lived in the UK. Nowadays some members of my family have lost any idea what UK paper money and certainly cash looks like. Its becoming the same here. Occasionally I hand over cash in supermarkets just to be difficult when I'm presented with a card machine without being asked,

[Reyntj]

Only 12 % of transactions in uk apparently

[alphamike]

Goodness, that is surprising Reyntj. I really thought it would be a higher percentage, despite cash not being taken in an increasing number of places in UK. Perhaps the closure of so many banks has forced some people to now pay by card.
I know some of the smaller shops here prefer cash, due to bank charges for cards.

[EnjoyingTheSun]

Goodness, that is surprising Reyntj. I really thought it would be a higher percentage, despite cash not being taken in an increasing number of places in UK. Perhaps the closure of so many banks has forced some people to now pay by card.
I know some of the smaller shops here prefer cash, due to bank charges for cards.

Self fulfilling prophecy really. If banks charge shops for processing cash & a lot of shops then don’t take cash then a lot of shops will only take cards.
I mainly use Revolut over here but generally use cash in the U.K. If they don’t take cash I go elsewhere. When they realise you will walk they often find they can take cash

[Reyntj]

I saw it on google.
Key Aspects of Cash Usage in the UK:
Declining Usage: Cash was used for 51% of transactions in 2013, dropping to 12% by 2023.
Still Relevant: Roughly 1.2 million people in the UK rely mainly on cash, and around 63% of adults are unlikely to go completely cashless in the near future.

No idea how they work it out but doubt it includes informal.payments...

[Dalartokat]

I saw it on google.
Key Aspects of Cash Usage in the UK:
Declining Usage: Cash was used for 51% of transactions in 2013, dropping to 12% by 2023.
Still Relevant: Roughly 1.2 million people in the UK rely mainly on cash, and around 63% of adults are unlikely to go completely cashless in the near future.

No idea how they work it out but doubt it includes informal.payments...

At present it's £2.5 million people that are needing cash. Peoples way of life has changed(mainly elderly) who are unable to use digital ways and have to rely on friends, family or third parties to access the cash for them. Then in outlying areas no banks, no ATMs they are relying on charities like Age UK who deliver the cash to them. People need the cash to pay gardeners, cleaners, even tradesmen as they won't pay for the card machine. The other increase we have now is safeguarding issues with elderly people being scammed by their own families. Also those on smaller pensions prefer cash as they find it better to manage. So all swings and roundabouts.

There are business who will not pay for the increase in using the card readers, some hairdressers in my area are charging £5 extra if you want to pay by card so they want cash, as do car cleaners, nail salons, cleaners, gardeners, restaurants, cafes (the usual Turkish Barbers) etc. Boot fair stall holders are starting to use cheap version of the card reader. Cannot see the UK economy managing without those who only want cash.

On the other side, Barclays Bank have said that 95% of its customers are now paying by card and the increase is mainly those over the age of 60.

I do both but I have started using my card more now, shopping, purchasing larger items since the amount you could use on the card has risen to £100.

[EnjoyingTheSun]

I struggle to think of what Turkey’s plan is re the TL. Apparently 99% of its gas and 93% of its petroleum is imported and it seems to be the main driver of its balance of payments deficit. Now a weakish currency isn’t always a bad thing as it makes your exports cheaper & your imports more expensive so I guess those Turkish made fridges will be a lot cheaper pro rata abroad and domestically people will be drawn to them as they will be cheaper, thus helping the balance of payments. But there is no choice with gas & petroleum, they have to import it and that’s a bill that comes in dollars. So a weak TL means you buy a lot less dollars and gas and petroleum is a lot more expensive. People can go without an imported Far Eastern hi fi system but they can’t go without gas or petroleum. At some point they are going to have to bite the bullet here and take the pain.
Using high interest rates to try and stabilise the currency can only be killing businesses especially at start up when they need loans.
Unless I’m missing something here?

[Charlieboy]

When I first came in 2006 it was 2.8 to a pound

[EnjoyingTheSun]

When I first came in 2006 it was 2.8 to a pound

It was 3.75 in October 2016

[Bombardier]

It was approximately 650.000 - 790.000trl in 1999.