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Tuesday, 28 July 2020 00:00

Pound v lira exchange rate tops 9 reaching a new high

Exchange rates Exchange rates

Earlier today the Pound sterling v Turkish lira exchange rate topped 9 for the very first time.

According to xe.com the closing GBP/TRY rate was a shade under 9, down slightly from a high of 9.00564 earlier in the day.

The Turkish lira has also been depreciating against other currencies, including the US$ which closed at just under 7 lira for US$1.

GBP v TRY exchange rate

Source: xe.com

The reasons behind these significant movements are well documented in the financial news pages.  Google "Turkish lira" and check out the latest news reports. 

The Financial Times has published two interesting articles in the last 24 hours which provide useful insights.

Such movements may appear to be good for tourists wanting to convert their pounds to lira, and indeed there may be a short term benefit for visitors.  But inevitably this is not welcome news for the Turkish economy as it makes imports more expensive and this feeds in to higher inflation.

Inflation (CPI) in Turkey stands at 12.62% (June 2020).

Investing 100,000 TL for one month in a Turkish bank will currently get you around 7.35% gross interest.

 

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