Currency

[dksbbs]

Looks like the Turkish Central Bank is trying to halt the weakening lira.

The following is taken from a Bloomberg article

The lira headed for its biggest advance against the dollar in almost two weeks and banking stocks rallied after the central bank said it will reduce the amount of dollars it buys in daily auctions from tomorrow.

The lira appreciated 0.4 percent to 1.5988 per dollar at 11:38 a.m. in Istanbul. A close at this level will be the biggest gain since May 18. The main ISE National 100 index (XU100) of shares increased 0.3 percent to 62,597.35, heading for the biggest advance in almost a week.

The central bank will buy $40 million daily compared with the current $50 million daily, according to an e-mailed statement today. The Ankara-based bank said in a separate statement today it may reduce the size of its dollar purchases further if international capital inflows continue to slow.

“This shows that the central bank does not want further lira depreciation,” Henza Tukel, a currency trader at Turk Ekonomi Bankasi AS in Istanbul, said in e-mailed comments. “The dollar’s rise won’t be a one-way movement as the central bank made known its position,” Tukel said.

[Jozzyd]

Which is the safest site to use to buy online please anyone

[dragon]

Hi Jozzyd
We check rates on M&S, Asda, the Post Office and

http://travelmoney.moneysavingexpert.com

We bought our Lira from Ice. If you use a credit card you will be charged but of course you have consumer protection. We decided to use a debit card to avoid the charges but made sure that they had our money for the shortest time possible, just in case. We received our Lira from Ice the next day and as we ordered £500 there were no charges from them (under £500 they charge £3.95) and wouldn't hesitate to use them again. You can also check on the same website which are the 'cards from hell' which are loaded with extra charges. Hope this helps.

[Jozzyd]

Thanks Dragon off to look now

[gez45]

So what does this mean for us if they do halt it , will the rate drop ?, If so would we be better off buying now?.

[Dodomo]

Thanks gez I was going to ask the same question, we fly three week today

[Kneale]

Hi Jozzyd
We check rates on M&S, Asda, the Post Office and

http://travelmoney.moneysavingexpert.com

We bought our Lira from Ice. If you use a credit card you will be charged but of course you have consumer protection. We decided to use a debit card to avoid the charges but made sure that they had our money for the shortest time possible, just in case. We received our Lira from Ice the next day and as we ordered £500 there were no charges from them (under £500 they charge £3.95) and wouldn't hesitate to use them again. You can also check on the same website which are the 'cards from hell' which are loaded with extra charges. Hope this helps.

You have protection using a debit card, as long as it's Visa. Not actually in law, unlike credit cards, but under their own internal procedures and regulations. The only time you wouldn't be covered when buying currency was if you did a bank transfer. A lot of people lost out when Crown Currency, which incidentally was almost always at the top of the above website, went in to administration.

[dksbbs]

Changing money now or later is a gamble that you have to decide on, The £ has got a little stronger today, it opened this morning at 2.63, shot to 2.655 and has settled back to 2.64 (These are the interbank rates).

I purchased £500 in March at 2.515, I could have got 2.55 on Saturday but I am still happy with what I got.

In 2008 I bought £500 at 2.48 in April by the time we went in August it was about 2.33 in resort and I gained but it may go the opposite way this year, this year I am planning to gamble 25-50% of my money before I go.

Disclaimer, The gamble is your own, you could gain or loose my changing money now, go with what your happy to have.

Dave

[juju]

Its a fantastic rate compared to the last few years.I bought some a few months ago when it first went over 2.50 (or when i noticed it) We are just so happy with the rates compared to last year. Take your chance whenever.If we knew the answers to how much it would go up or down we could probably leave work and make a living buying and selling!

[Jozzyd]

So last year spends approx 6990 ytl this year poss 7650 = 660 extra turkish spends

[aliral]

2.66 at 38000 ft early this morning. !

[dksbbs]

2.66 at 38000 ft early this morning. !

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Dave

[aliral]

2.66 at 38000 ft early this morning. !

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Dave

Flying back from Turkey. early o'clock.

[dksbbs]

Over the last few days the £ has weakened and the exchange rate has dropped for us, however today a statement has been made by Moodys (These are the credit reference agents who comment on countries), since this statement was made the £ has got a little stronger

Turkey’s credit rating may come under pressure should it have difficulty financing the current account gap, Moody’s Investors Service said, urging the government to tighten the budget after this week’s parliamentary elections.

While the country has made progress to improve its fiscal position, “Turkey’s significant external vulnerabilities, such as its large current account deficit and its reliance on portfolio investment flows to fund the current account deficit, make very robust fiscal fundamentals even more important,” Moody’s said in an e-mailed response to questions.

“Turkey’s rating could come under downward pressure if the large and growing current account deficit becomes more difficult to finance,” Moody’s analyst Sarah Carlson said. “The rapid deterioration in the current account deficit is a key risk factor in Turkey at the moment.”

The Turkish Lira has declined 1.9 percent this year, the most among major emerging market currencies, as concern grew that Turkey may struggle to contain the deficit. The gap, forecast by the government to widen to $39.3 billion, or 5.4 percent of gross domestic product, or GDP, this year, reached $60.5 billion in the 12 months through March as an economic expansion boosted demand for imports.

“The challenge now is for Turkey to register larger primary surpluses, accumulate a larger stock of foreign exchange reserves, and further reduce its debt levels in order to increase its resilience to external shocks,” Carlson said.

Prime Minister Recep Tayyip Erdoğan is seeking re-election on June 12.

Moody’s rates Turkish credit Ba2, two notches below investment grade, with a positive outlook. Ba2 is the risk- assessor’s second

highest non-investment grade. Standard & Poor’s rates the country an equivalent BB, also with a positive outlook, and Fitch Ratings ranks Turkey as BB+, just one notch below investment grade,

[dksbbs]

At bank closing yesterday the Interbank rate 52 week high for the Lira stood at 2.6431, well I am please to say it is currently 2.6524, lets hope it keeps increasing, I'm now going to see if I can see why we have had the increase.


Dave