Currency

by **dksbbs** » 28 Jan 2011 16:48

More good news for the £, The Turkish trade deficit expanded in December due to the strength of the lira.

This has the impact that the £ strengthed again today by 1.39% so far making the interbank rate £1=2.55380 Lira

See article http://www.hurriyetdailynews.com/n.php? ... 2011-01-28

The best rates available today according to http://travelmoney.moneysavingexpert.com/holiday-money

is 2.459, it may be even reach 2.50 on Monday.

Dave

Just checked the post office rates 2.4491 online (but there will be card charges). At the post office itself the rate is 2.34 and you won't have to use a card avoiding the charges, but the rate is not as good (they also need to order the money in).

At marks & spencer stores today's rate is 2.439 with no charges at all if you don't use a card. Just made a quick phone call and was told that they always keep a supply of lira and that their rate in the store is always the same as the online rate. Well worth a visit I think. I usually don't change my money before getting there as the rate is usually better in Icmeler. I just make sure that I bring enough lira home with me for the first day of my next visit, but this time I think it's worth the gamble and changing it in advance.

by **pastie63** » 02 Feb 2011 19:35

Its great to the exchange rate climbing, only decision now is, do we get some Lira NOW or keep watching!!

by **dksbbs** » 02 Feb 2011 20:14

I think I will leave it for a little bit longer, looks like the Lira may weaken further.

http://www.hurriyetdailynews.com/n.php? ... 2011-02-01

Dave

I'm going to decide on the 20th Feb when the next Turkish bank interest rates are announced, I will have the money ready to buy that day. If the rate goes down the £ should get stronger so I will wait again, if it goes up or remains the same I will buy some that day before companies change the rate the following day.

Dave

by **viking pete** » 04 Feb 2011 13:32

That sounds like a plan Dave, been raiding the savings jar and got a couple of hundred bagged up and waiting.

Pete.

by **dksbbs** » 04 Feb 2011 15:16

I've just been having another look

http:\\www.bestforeignexchange.com are offering 2.528 today

Compared to last August I received an average of 2.31 for the £2200 changed at the supermarkets giving me 5082 Lira, at todays rate I would get 5561, a difference of 479 Lira that would buy me 119 Efes or save me £189.

I've been travelling to Icmeler since 2002, in those 10 years I have only seen the rate higher than 2.5 at the supermarkets on three visits, these were in 2002, 2006 and 2007. I'm now wondering whether to change my mind and buy some today, Following some announcement the internet bank rate shot up to 2.6 this morning but then this afternoon there has been an annoucement of a $4 billion foreign investment which has lowered it to 2.565, not sure what to do now.

:?: