Your questions answered by our Currency Expert John Cameron. Click here to ask your currency question...
On Thursday, 30th April 2015 following question to our expert...
Having already lost around by leaving my money in a TL account I've now been informed by HSBC that I should leave the money until 23 may before I move it back to the UK as that when it will acru it's annual 10% interest
I'm not sure what to do as I've already lost around 4500 by leaving it there
Any advice would be greatly appreciated
On Friday, 1st May 2015 ...
Thanks for getting in touch.
The Turkish Lira has suffered heavy selling pressure during recent months. It acts a proxy trade for other neighbouring currencies which are less tradable, (the Egyptian Pound, Syrian Dinar, Iraqi Dinar, etc). Because of the ongoing unrest in these states, the TRY has been heavily downsold.
However, the UK General Election next Thursday could serve to weaken the Pound in the short term, as an unclear outcome is forecast. With the promise of 10% interest at the end of next month, I would suggest taking your chances and leaving your transaction until then.
me a question or get a FREE no-obligation quote