Exchange Rate

soh

Connoisseur
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
cannot see change coming from the top, and the people had there say less than 2 months ago. you cannot trump economic reality with dogma. sadly I believe Turkish people are in for a very rough ride over the next 4 years or so.
 
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
Know what you mean when I calculated mine I would lose €12000 on the purchase price 13 yrs ago when the rate was 2.35
Thankfully I too am not for selling ....
 
I sympathise with these poor people, it’s hard for them!
We all loose, Turks and Expats, if you have skin in the game you are affected by the results whether you play or watch. We have lost many friends who have sold up, but we decided we are in for the long haul. Otherwise your head cracks trying to work out the intrigue. Now it is “in for a penny, in for a pound”. I think the time for selling has passed and i do not see a time when we will ever again see 1.80/$ or even 3/$. Not everything is right here but equally not everything is wrong. Just sharing out sentiments.
 
Yes proportionally we all lose but as expats we should consider ourselves very fortunate ... Turkish hubby and I have seen bad times and good but this is my home since 15 yrs ... I love it and will stand by it thro thick and thin i am fortunate after 4 yrs wait to have been awarded Turkish Citizenship
 
OMG this has got legs again euro@6.14 & stg@6.88. Rumors about that local dollar deposit a/cs to be transfered to TL balances- not sure how true that is, anyone heard anything on that line. I blinked & it hit 6.18 & 6.94.

B
 
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FT reports

AUGUST 9, 2018
Turkish economy
Turkey to set out ‘new economic model’ as lira falls
Currency drops to record low after Washington meeting fails to show progress on US rift
2 hrs ago

Turkey said it would set out a new economic plan as its currency dropped to a record low and pressure mounted on Ankara to reassure investors and resolve an escalating dispute with the US. After a Turkish delegation to Washington failed to show progress towards the lifting of US sanctions, the lira fell to a new low of TL5.4477 against the dollar, representing a 3.1 per cent decline from its overnight position. The currency has now lost 30 per cent since the start of the year, including a decline of 7.6 per cent in the past six trading days
 
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soh

Connoisseur
FT reports

AUGUST 9, 2018
Turkish economy
Turkey to set out ‘new economic model’ as lira falls
Currency drops to record low after Washington meeting fails to show progress on US rift
2 hrs ago

Turkey said it would set out a new economic plan as its currency dropped to a record low and pressure mounted on Ankara to reassure investors and resolve an escalating dispute with the US. After a Turkish delegation to Washington failed to show progress towards the lifting of US sanctions, the lira fell to a new low of TL5.4477 against the dollar, representing a 3.1 per cent decline from its overnight position. The currency has now lost 30 per cent since the start of the year, including a decline of 7.6 per cent in the past six trading days
someone else reading the F.T?(y)
 
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