Should I transfer my Turkish money back to UK given the exchange rate of 3.8 at the moment.

I have money in a Turkish bank from sale of my villa,I am gaining 9.5% per month interest.
@ 3.8 TL to £ I would lose money transferring back to UK.
What do you advise.
Thank you

Hi Joyce,

Many thanks for getting in touch.

In answer to your question, a combination of social and political unrest in neighbouring states in the Middle East, alongside fears that the eurozone economy is slowing down and that Greece may be exiting the euroland has seen the Lira suffer heavy selling pressure in recent months.

It is unlikely that any of these problems will dissipate any time soon, so a break above 4 to 1 appears a possibility for GBP TRY. Although you can get almost 10% per anum interest keeping your funds in Turkey, the potential losses from a continued devaluation of the Lira would wipe these gains out.

Best to consider acting sooner rather than later.


Regards,

John Cameron
currencynews.co.uk
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