Exchange Rate

soh

Connoisseur
Euro @ 5.52 this am - 5.50 was the resistance ceiling for the last few weeks.
Im over 14/8/18 going from sun here to sun there - magic ha!
Will come back with much enhanced wardrobe ;-)
have a good one, we're flying back on thursday after a 4 week break:cry:. think your rate will go higher over the next few weeks, i got 6.10 this morning- this afternoon i could have had 6.18. surprising how a bit of nepotism can spook the markets:ROFLMAO: reckon it could go to 7 by years end
 
5.60 & 6.35 this pm - did I hear right the son in law is now the Fin Min OMG - that's going to be interesting.
What is Kush like this season? We will spend more time in Izmir & Cesme direction, also tend to eat in Selcuck & Soke.
Bren
 

soh

Connoisseur
5.60 & 6.35 this pm - did I hear right the son in law is now the Fin Min OMG - that's going to be interesting.
What is Kush like this season? We will spend more time in Izmir & Cesme direction, also tend to eat in Selcuck & Soke.
Bren
yes, you heard right, he now has the power to appoint the next governor of the bank of Turkey as well. did i say 7 by years end? could be that by summers end as he is talking of an interest rate cut. that really will set the cat amongst the pigeons. Bloomberg did a good article about the appointment yesterday calling investment in Turkey a very high-risk gamble.
 
great for us holidaymakers and expats, a nightmare for Turks and businesses in Turkey. many have borrowed in euros and dollars
Too True Soh, a lot of foriegn people
think only about their FX gain today (& maybe one cannot blame them either), but for the locals and long term prosperity of the country this is a disaster. 70% of Big Business is financed by foriegn capital and bonds. Ouch and ouch, this must eventually hit back.
 

soh

Connoisseur
new all-time low for the lira today as it finally goes over 5 to$ and 6.55/£ on the news of higher than expected inflation figures and the possibility of sanctions from the U.S.A.
 
Well sanctions are now on. Two Turkish ministers got named today - blaming the US pastor prisoner.
Euro hit 5.85 (record) & Stg hit 6.57 - still not past August. Getting nasty, anyone want to call it on this round. I think 6 & 7 in September.

B
 
All fab for those of us living real life here ... so hard for Turkish people don't believe all you read in media (especially English language papers)
 
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Yes Kastamonu fair point - I tend to post rate mile stones & trends. This is important to those who have big lira exposure ie deposits & property. I was considering a big build investment but have walked away until I get a better handle on where this is all going. I am very interested in informed contributions to help me get better insights.

B
 
Bloomberg calling 6/$ today and i think August will be an important month for Lira weakness. This “potential deal” (below) is probably also upsetting the USA a tad, but one cannot get away from $350,000,000,000 of debt which Turkey (State and Private Business) has in USD.
Ouch for Big companies who have borrowed in USD to finance their operations. Bonds are down and % are up, pay back is going to be very painful, if some do not even default. If default happens the pyramid will certainly loose a few corner stones.
Maybe we (i use that because i also live here and my lot is in with the Turkish Nation) are better off with the BRIC Countries. Russians and South Africans are okay by me (i lived in both countries) ‍♂️
Turkey joining BRICS could be ‘serious shock’ for US & EU, analyst tells RT
https://www.rt.com/business/435099-turkey-joining-brics-shock/
 

soh

Connoisseur
Yes Kastamonu fair point - I tend to post rate mile stones & trends. This is important to those who have big lira exposure ie deposits & property. I was considering a big build investment but have walked away until I get a better handle on where this is all going. I am very interested in informed contributions to help me get better insights.

B
quite so, the value of our summer home must have plummeted, in GBP terms, since last year. luckily we are not needing to sell, just hope the political situation remains stable
 
I was sure 6.00 resistance would hold the euro but its now 6.02. Stg @ 6.73. Yes the dollar debt is starting to scare the horses. I remember asking a Turkish neighbour to explain their voting logic. He said that they the people will try something new & if that does not work out they try something else. Which seams to suggest that if this keeps going down there will be change. Interesting opinion.
B
 
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