GBP TRY
Moderators: Soner, Dragon, PoshinDevon
- Soner
- Kibkom
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GBP TRY
1 GBP = 14.01 TRY this morning. Whats going on?
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- Kibkommer
- Posts: 1884
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- Kibkommer
- Posts: 198
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Re: GBP TRY
One way road for Turkish IR's which is down due to political intervention from Erdogan, whilst Inflation rages!
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- Kibkommer
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Re: GBP TRY
Apparently the latest fall is because of rumours of another interest rate cut. Why not, the last one went so well?
- jayceebee
- Kibkommer
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Re: GBP TRY
Follow this. https://poundf.co.uk/gbp-to-try-forecast
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- Kibkommer
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Re: GBP TRY
Petrol is going up again tonight too.
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- Kibkommer
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Re: GBP TRY
That is the one I look at to see what may happen. It is always a guess based on numerous things beyond my comprehension but then it is a well respected site. See 15tl to the pound is predicted mid December.
Cue now lots of threads on Social Media by Ex Pats bemoaning the price of Efes has gone up.
- Dalartokat
- Kibkommer
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Re: GBP TRY
Solely down to President Erdogan's comments and Economic Policy.
https://www.aljazeera.com/economy/2021/ ... n-comments
https://www.aljazeera.com/economy/2021/ ... n-comments
If you ever get tired one day of life, take a rest, lean your back on the stone, not people. Cold but safe...
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- Kibkommer
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Re: GBP TRY
Safe to keep foreign reserves in Turkish banks?
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- Kibkommer
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Re: GBP TRY
Watch out for 'Capital Control'
Capital control represents any measure taken by a government, central bank, or other regulatory body to limit the flow of foreign capital in and out of the domestic economy. These controls include taxes, tariffs, legislation, volume restrictions, and market-based forces.
Capital control represents any measure taken by a government, central bank, or other regulatory body to limit the flow of foreign capital in and out of the domestic economy. These controls include taxes, tariffs, legislation, volume restrictions, and market-based forces.
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- Kibkommer
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Re: GBP TRY
It's now showing at 14.69 TL to £ on Google. Surely interest rates will have to rise now to try and stabilise TL?
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- Kibkommer
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Re: GBP TRY
Revlout 14.60 this morning
- erol
- Verified Member
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- Kibkommer
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Re: GBP TRY
As Mrs Thatcher said you can’t buck the market.
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- Kibkommer
- Posts: 242
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Re: GBP TRY
Trading at 14.15 spot rate at 12.40pm........Rates decision announcement at 2.00 pm.
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- Kibkommer
- Posts: 1555
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Re: GBP TRY
Credit West gave me 14.163 this morning.
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- Kibkommer
- Posts: 1884
- Joined: Sat 09 Feb 2013 9:29 am
Re: GBP TRY
Turkey interest rate down to 15%.
More problems for TL.
More problems for TL.
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- Kibkommer
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Re: GBP TRY
15.09 and still falling
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- Kibkommer
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Re: GBP TRY
15.18 within a minute
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- Kibkommer
- Posts: 382
- Joined: Wed 04 Apr 2012 2:15 pm
Re: GBP TRY
Wow £1 = 15.20tl it was 3.40tl when I left 6 yrs ago. My Sterling would of been worth nothing if I had converted it back at this rate to what I bought it at. Feel for the locals but hopefully it will bounce back.
Erdogan will make a few more Millions when it drops again being in the know I’m sure?
Erdogan will make a few more Millions when it drops again being in the know I’m sure?
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- Kibkommer
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Re: GBP TRY
14.99 now so either the traders are taking their profits or Turkey is using/borrowing foreign reserves which they don’t have to try and prop it up.
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- Kibkommer
- Posts: 191
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Re: GBP TRY
Is turkey not due to pay back a massive loan? I’m sure I read somewhere they will need to go back to the world bank(like most countries do) but due to some speculation that someone’s health isn’t great. I think the money market will be like this until end of February. I may be wrong especially for the local community paid in tl. But 17 - 18 won’t be far away.
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- Kibkommer
- Posts: 634
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Re: GBP TRY
The purchase of a Spanish made aircraft carrier for Turkish deployment will make all the difference to the balance of foreign debt. A few shots at Gibraltar on the way home to the Black Sea picking up a few F-16 fighter jets on route and, he-ho WW111 !!!
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- Kibkommer
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Re: GBP TRY
Just in case anyone is interested Mr Pound is Mr 17tl this morning.
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- Kibkommer
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Re: GBP TRY
Well they may be Mr 18tl next week by the look of it.
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- Kibkommer
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Re: GBP TRY
So sorry for those here and in Turkey who are paid in Turkish Lira. In Turkey the base for workers is still less than 3000 TL per month and here about 5000 TL and with petrol, gas and other basics being imported it must be really serious for them. It seems Politicians who are voted in as 'Public Servants' are so self serving and selfish and believe they know better than everyone else. The elites, the rich are just immune to these fluctuations but to the poor it's about putting food on the table and keeping warm in winter !!
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- Kibkommer
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Re: GBP TRY
Oh yes the elite are here with a vengeance. Saw a (roughly) 17 year old, roaring up and down the by-pass this morning, the 4th time this week in a black, Ferrari. Only way I can guess his age through blacked out windows is because I saw him in car park of Ezic Premier a couple of weeks ago.
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- Kibkommer
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Re: GBP TRY
Capital controls is a question of when not if.Brinsley wrote: ↑Wed 17 Nov 2021 4:52 pmWatch out for 'Capital Control'
Capital control represents any measure taken by a government, central bank, or other regulatory body to limit the flow of foreign capital in and out of the domestic economy. These controls include taxes, tariffs, legislation, volume restrictions, and market-based forces.
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- Kibkommer
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Re: GBP TRY
Does the Central Bank here in the TRNC have any say whatsoever in financial matters or does it have to follow slavishly what it is told by Turkey. I think the latter, but there may a few tweeks that TRNC is permitted.
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- Kibkommer
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Re: GBP TRY
Reading the statement by the Turkish President in the CT today it is obvious that he is 100% commited to reducing interest rates whatever the consequences. He states that it is for the benefit of his subjects..unfortunately he either doesn't realise or doesn't want to say that declining exchange rates means higher import costs and therefore higher inflation which hurts his population even more !! It seems that throughout the World leaders will repeat and repeat the same failed actions in the belief that someday they will work !!
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- Kibkommer
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Re: GBP TRY
Up the Reds. wrote: ↑Sat 20 Nov 2021 12:38 pmReading the statement by the Turkish President in the CT today it is obvious that he is 100% commited to reducing interest rates whatever the consequences. He states that it is for the benefit of his subjects..unfortunately he either doesn't realise or doesn't want to say that declining exchange rates means higher import costs and therefore higher inflation which hurts his population even more !! It seems that throughout the World leaders will repeat and repeat the same failed actions in the belief that someday they will work !!
I think it was Albert Einstein who said the definition of insanity is doing the same thing over and over again and expecting a different result.
It is a pretty much impossible feat to have interest rates below the rate of inflation and a declining value in your currency is inflationary.
You can’t stop basic laws of economics.
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- Kibkommer
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Re: GBP TRY
crikey, the remark about "his subjects" is a tad high handed isn't it?
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- Kibkommer
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- Joined: Tue 09 Oct 2012 6:35 am
Re: GBP TRY
Is there anywhere in the world where interest rates are above inflation?, None that i can think of.EnjoyingTheSun wrote: ↑Sat 20 Nov 2021 12:59 pmUp the Reds. wrote: ↑Sat 20 Nov 2021 12:38 pmReading the statement by the Turkish President in the CT today it is obvious that he is 100% commited to reducing interest rates whatever the consequences. He states that it is for the benefit of his subjects..unfortunately he either doesn't realise or doesn't want to say that declining exchange rates means higher import costs and therefore higher inflation which hurts his population even more !! It seems that throughout the World leaders will repeat and repeat the same failed actions in the belief that someday they will work !!
I think it was Albert Einstein who said the definition of insanity is doing the same thing over and over again and expecting a different result.
It is a pretty much impossible feat to have interest rates below the rate of inflation and a declining value in your currency is inflationary.
You can’t stop basic laws of economics.
The West's governments are all effectively bankrupt and inflating their way out of it seems to be the unspoken method.
Savers be dammed!
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- Kibkommer
- Posts: 242
- Joined: Fri 16 Nov 2018 2:55 am
Re: GBP TRY
MVP - very good observation and yes many western countries have near enough zero interest rates but inflation is higher.MVP wrote: ↑Sun 21 Nov 2021 6:55 amIs there anywhere in the world where interest rates are above inflation?, None that i can think of.EnjoyingTheSun wrote: ↑Sat 20 Nov 2021 12:59 pmUp the Reds. wrote: ↑Sat 20 Nov 2021 12:38 pmReading the statement by the Turkish President in the CT today it is obvious that he is 100% commited to reducing interest rates whatever the consequences. He states that it is for the benefit of his subjects..unfortunately he either doesn't realise or doesn't want to say that declining exchange rates means higher import costs and therefore higher inflation which hurts his population even more !! It seems that throughout the World leaders will repeat and repeat the same failed actions in the belief that someday they will work !!
I think it was Albert Einstein who said the definition of insanity is doing the same thing over and over again and expecting a different result.
It is a pretty much impossible feat to have interest rates below the rate of inflation and a declining value in your currency is inflationary.
You can’t stop basic laws of economics.
The West's governments are all effectively bankrupt and inflating their way out of it seems to be the unspoken method.
Savers be dammed!
In the case of the Lira , depreciation has occured due to many factors namely :
Geo political concerns , relations with the US and threat of sanctions , FX trades manipulation and certain European Banks betting against the Lira , increases in US treasury yields , US Dollar gaining ground, Federal reserve policies affecting emerging market loans / debt, Turkish economy and monetary policy decisions, outflow of investment from Turkey, People switching out of Liras to $ , Euros and Crypto .....There is a whole catalogue of reasons to be blamed for the Liras demise and these are a few i can think of (imho)
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- Kibkommer
- Posts: 3692
- Joined: Fri 16 Mar 2018 4:46 pm
Re: GBP TRY
TL dropped 4.5% in an hour and forty minutes from 8am. He doubled down and dropped interest rates again lol
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- Kibkommer
- Posts: 242
- Joined: Fri 16 Nov 2018 2:55 am
Re: GBP TRY
Just hit 16+ at 10.20 am - Markets clearly do not like Erdogans defence of his rate decision.
- Soner
- Kibkom
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- Joined: Tue 03 Apr 2012 10:51 am
Re: GBP TRY
Local market repricing every item this morning.
Support businesses that are supporting the Kibkom Forum - At least contact them for a quote.
This forum cannot exist without the support of both member and advertiser.
Don't forget to mention Kibkom!
This forum cannot exist without the support of both member and advertiser.
Don't forget to mention Kibkom!
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- Kibkommer
- Posts: 242
- Joined: Fri 16 Nov 2018 2:55 am
Re: GBP TRY
When they do reprice items, they increase them much more than the % drop in the Lira .
so certain shops actually do not lose out ie Mr Pound i have noticed reprices and always stays on top of the currency drop
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- Kibkommer
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Re: GBP TRY
It's a brave move by erdogan as he is effectively taking full responsibility for the action and the ensuing outcome.
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- Kibkommer
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Re: GBP TRY
Bought an Iron in Technogold this morning and as far as I could see all the price tickets have either been removed or in the case of irons been turned round. The lady pulls out the ticket, taken it to a bar coder and then comes back with a price. I've absolutely no idea how much the iron was marked up. I also looked at an Amazon tablet and was advised to buy soon as prices would be going up a lot!!
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- Kibkommer
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Re: GBP TRY
When something fails miserably just keep on doing it, sure to work in the end ??
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- Kibkommer
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- Kibkommer
- Posts: 3692
- Joined: Fri 16 Mar 2018 4:46 pm
Re: GBP TRY
The markets are telling him what needs to be done but he won’t do it. He has only one card to play here but his ego won’t let him.
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- Kibkommer
- Posts: 171
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Re: GBP TRY
As it is against the law to criticise politicians here inTurkey and the TRNC thank Godthey can't read their minds ??
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- Kibkommer
- Posts: 171
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Re: GBP TRY
Should read 'our minds' !!