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Old 11th January 2017, 13:31   #581 (permalink)
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Re: Watch The Lira Now

4.72
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Old 12th January 2017, 17:51   #582 (permalink)
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Re: Watch The Lira Now

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Originally Posted by IbrahimAbi View Post
I really feel sorry for the loyal Turkish citizens who heeded the call to convert their foreign currency to TL and can now see the dollar rising against the TL minute by minute.
I don't feel sorry for them. They are not loyal Turkish citizens, they're loyal Erdogan supporters and they get what they deserve, because they're the reason we're in this mess. It's only when they really begin to suffer financial hardship that they'll stop supporting RTE.




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Old 12th January 2017, 18:23   #583 (permalink)
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Re: Watch The Lira Now

Turkey’s not-so-independent central bank under pressure to hike rates

inflation outlook, sluggish economic activity and the steep slide in the value of the lira look set to force the Turkish central bank to oppose the wishes of its president and hike interest rates.

The Turkish lira has fallen against the dollar by 20% and 16% in 2015 and 2016, respectively.

It is down around 9% already in 2017 Few now doubt the Central Bank of the Republic of Turkey (CBRT) is on the verge of going against the wishes of president Recep Tayyip Erdogan and putting up interest rates from the current level of 8%.

The recent ferocity of the lira’s fall and the fact it is losing its grip on inflation – which now stands at 8.5%, up from 7% in November – mean it has little choice.

Turkey’s woes are principally of a political nature, so while the numbers do not make for comfortable reading, looking at charts does not tell the full story.

Investors’ concerns spiked in the months after the failed coup attempt in July, as the full scale of the president’s authoritarian response became clear.

Full article: Turkey?s not-so-independent central bank under pressure to hike rates /Euromoney magazine
Visit Order Reprints/PDFs | Euromoney Magazine for additional distribution rights. For more articles like this, follow us @euromoney on Twitter.
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Old 12th January 2017, 19:07   #584 (permalink)
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Re: Watch The Lira Now

At the end of the day there is only one winner which are the bar and restaurant owners who will be putting up their prices to compensate for the rise in goods, BUT WILL NOT be as quick to drop prices when the Lira goes back down.
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Old 12th January 2017, 19:31   #585 (permalink)
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Re: Watch The Lira Now

Bloomberg comment on Thursday´s TCBank attempt to support the TL:

Extract: “Turkey is not yet out of the woods and I expect the depreciation to resume soon,” said Guillaume Tresca, a strategist at Credit Agricole SA in London. The “next step is FX interventions but I don’t think it will be enough. The central bank has to hike rate substantially to stabilize markets.”

"...President Erdogan said Thursday that it should take “necessary measures to ruin this game.” The central bank is due to review policy on Jan. 24."

Full: https://www.bloomberg.com/news/artic...tens-liquidity

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Old 19th January 2017, 17:44   #586 (permalink)
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Re: Watch The Lira Now

The pound has strengthen 4.72
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Old 19th January 2017, 19:09   #587 (permalink)
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Re: Watch The Lira Now

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The pound has strengthen 4.72
Seems like now's a good a time as any to throw another £50K into a Time account
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Old 19th January 2017, 19:19   #588 (permalink)
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Re: Watch The Lira Now

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Originally Posted by oldfogy View Post
Seems like now's a good a time as any to throw another £50K into a Time account
Surely you'll get the same interest on a USD deposit as you will on a GBP a/c so why not put your money into a currency that isn't going pear shaped?
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Old 19th January 2017, 19:44   #589 (permalink)
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Re: Watch The Lira Now

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Seems like now's a good a time as any to throw another £50K into a Time account
I think you have lost enough already judging by what you said earlier
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Old 19th January 2017, 20:06   #590 (permalink)
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Re: Watch The Lira Now

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I think you have lost enough already judging by what you said earlier
NO that was just a short term loss that fairly quickly rallied around as soon as the rate changed.

USD Vs TL account, never really looked into USD accounts but I like the Lira and long term has always given me good results in the past plus I feel That I understand it better than USD accounts
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