TL or GBP

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Lhasa
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TL or GBP

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Post by Lhasa »

I have a Creditwest account which I pay our rental income into, I want to see some return for my money so am thinking of opening a time saving account over 12 months, the question I am struggling with is TL or GBP, how much of a gamble is it to go with TL?, is it purely waiting for the rate to be favourable?

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Keithcaley
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Re: TL or GBP

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Post by Keithcaley »

No one can tell what the exchange rate is going to do, but the rate at the moment is probably as good as it's going to get, as long as no disasters occur

The uncertainty caused by Turkey's elections last year is long gone, and the prospects generally for Turkey look good - deals with the EU, etc. so it seems unlikely that the value of the Turkish Lira will fall.

It remains to be seen what the 'Brexit fiasco' will do to the value of Sterling, of course...

THe usual advice applies: -

"Don't put all of your eggs in one basket"!!

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frontalman
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Re: TL or GBP

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Post by frontalman »

I wouldn't put it in TL at the moment. The pound is low against the dollar and euro because a Brexit seemed likely. Obama's interference seems to have changed things a bit so we might see the pound creep up a bit against all currencies in the next week or two. If it was still 4.6 TL to the pound I would have said jump into TL........................but I could be completely wrong

kerry 6138
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Re: TL or GBP

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Post by kerry 6138 »

You get a far better % rate with a TL savings account and currently the exchange rate is relatively high, if your money is intended to stay and be spent in TL thats the way I'd go,bearing in mind Keith 's rules.
If you are intending to trasfer your profit back into sterling then you need to take into account the vagaries of the exchange rate , if TL exchange rate dropped it would take some of your earned interest with it.

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Keithcaley
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Post by Keithcaley »

kerry 6138 wrote:...if TL exchange rate dropped it would take some of your earned interest with it.
...erm, do you mean that if the number of TL to the Pound goes UP, then it 'would take some of your earned interest with it' (if you wanted to change the TL back into pounds)...?

kerry 6138
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Post by kerry 6138 »

Thought thats what I said Keith but yes if £ up / TL down you could lose if exchanging between the two.

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Keithcaley
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Post by Keithcaley »

kerry 6138 wrote:Thought thats what I said Keith but yes if £ up / TL down you could lose if exchanging between the two.
Thanks for that, I wasn't nit-picking, it's just that sometimes, what's in one persons brain, doesn't appear to be the same thing in another persons brain after it's been typed out and travelled across the Internet

...I was tempted to put 'My BAD' after that, but it's a SH1T saying, so I won't

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