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Old 7th June 2018, 21:26   #1 (permalink)
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Please for all you experts out there is this a time to be really worried about lira in the bank, this is a serious question as so many people are saying that it could be a big crash and lose all their money in the bank and to get it out asap, what do you think,
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Old 7th June 2018, 21:40   #2 (permalink)
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Re: lira

In a nutshell we sold in November and brought our money home, had we left it in it would be the best part of 30,000 short now.
The election may cause huge problems with security and the economy, we don't know but have seen it all before, difference this time is they may be a winner who doesn't get the most votes.
Only you can decide, look at the graphs available on XE.com or other sites, if you invested to take a return in sterling then you have already likely lost, if you live there it's a different story, nobody knows what they may do to stabilise the economy they could put currency restrictions on.

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Old 8th June 2018, 07:46   #3 (permalink)
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Re: lira

Definately this is something that only you can decide for yourself.

I've lived here full-time now for 22 years and Turkish currency has gone up and down like the proverbial 'Tart's Draws'!!

Back in 2005 we lost our millions and went to YTL, our money became worth less. Soon after, we went to T.L.but life went on.

I returned to Britain after a year away back in 1971. Our old money was gone and we'd been decimalised, I seem to remember that being nothing other than a massive devaluation of peoples cash in the bank.

There are no guarantees in life and certainly, money comes and money goes and that's why I for one have never been a great saver. I have savings but not on a massive scale like a lot of people I know. I earn it, enjoy the rewards through travel, most of the rest either goes to my daughter and grandchildren or the kids I support in Nepal & Africa.

At least I know where it's going and like they say...No pockets in shrouds!

Whatever you decide, I hope it's the right one for yourself and your family.
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Old 8th June 2018, 08:34   #4 (permalink)
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Re: lira

Quote:
Originally Posted by susi View Post
Please for all you experts out there is this a time to be really worried about lira in the bank, this is a serious question as so many people are saying that it could be a big crash and lose all their money in the bank and to get it out asap, what do you think,
To first broadly answer your question; your Turkish bank must guarantee the security of a maximum of 100,000TL per depositor, so a joint a/c is protected to 200,000TL.

If there were a serious crash it could take time to get this back, and under extreme circumstances you may be given some of the guarantee as the value equivalent in bank shares, rather than cash, as happened in Cyprus. I'm not sure we are at that point. . .

Other than that; what do you mean by '. . lose all their money in the bank. . ' ?
Do you mean that it could not be recovered, is confiscated, or do you mean that although the amount is still there, the value has gone?
Is your concern the exchange value, or the local purchasing value?

If you have more than the guaranteed amount in any bank I suggest you split it and use separate banks. This will protect the lump sum. Just check that banks are not part of the same group, as the guarantee applies per group, not per individual bank.

If you want to move back into sterling, then the sooner you do it the better. You can hold a sterling/foreign currency deposit account in all main Turkish banks.

The problem is that no-one can second guess politics and politicians. Trump has upset a lot of the world trade blocs with his protectionist policies, and most if not all of TC's debt is denominated in US dollars.
Against this you must balance the coming election, and there may be some currency manipulation beforehand to give the economy a temporary boost. If that happens, it could be an opportunity to move.

As wiser folk than I have already said, only you can decide.
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Old 8th June 2018, 10:04   #5 (permalink)
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Re: lira

Turkey Central Bank have just raised the interest rates by 1.25%. So the Lira has gained strength and just shot up in value. How long for!!!! Who knows.
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Old 8th June 2018, 10:16   #6 (permalink)
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Re: lira

https://ahvalnews.com/turkey-stocks/...-cut-rate-hike

Despite the hike in interest rates the lira is still sliding

https://www.xe.com/currencycharts/?f...o=TRY&view=12h

https://www.xe.com/currencycharts/?f...o=TRY&view=12h

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Old 8th June 2018, 11:26   #7 (permalink)
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Re: lira

Kanga, the banks here in North Cyprus are telling people (including us) that they can have multiple accounts with them with the limit in, I only found out differently when I started looking into this a week or two ago and as you say it's per bank etc, but, still, despite trying to tell people here the banks are giving out duff information, they say they are covered should anything happen, I did say the banks are hardly going to turn your money down up and over 100,000 TL, so I think it's very important the OP does their homework carefully.
We, over the years have slowly spent our TL after watching the way things were going, Yalimart is offering very good advice (everyone else too) , we just have sterling in the banks here now. xx
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Old 8th June 2018, 12:04   #8 (permalink)
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Re: lira

Sue, the rule is always get everything in writing. . . absolutely agree you must do the research. The banks have to give you written confirmation of security limits, so customers should ask for the details. It will be somewhere in the small print. We don't keep anything we cannot afford to lose in any bank anywhere.
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Old 8th June 2018, 13:52   #9 (permalink)
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Re: lira

Seems to me this second rise in interest rates has worked,steadied now and lowered the Lira.Looks like the lira may go under 6 today.Which is quite a fall from 6.47 which it hit a few weeks ago.
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Old 8th June 2018, 17:03   #10 (permalink)
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Re: lira

Get out now the lira will continue to lose value but like all currency it will fluctuate but in the end doomsday will come
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