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North Cyprus Ex-Pat Turkish Lira Accounts Massively Devalued Day By Day

NCFP Ex-Pat Turkish Lira Accounts Massively Devalued Day By DayWith 8TL to a £1 and rising, the Turkish economy is under siege and Turkey’s President Erdogan has revealed his siege tactics – ‘don’t forget, if they have their dollars, we have our people, our God.’ The Turkish Lira then tumbled some more. The reasons for this price fall are complex but those who buy TL no longer have confidence that it will hold its value and those who save TL feel they will not get enough return to compensate for this fall in value.

Many expats believed that changing their pounds into TL and getting double figure percentage returns while the currency grew stronger was a dream come true. I used to hear people saying:

‘I changed £100,000 for 250,000TL, received 2,500TL interest a month and after a year I cashed in for £110,000. You would be a fool not to open an account.’

If those people still had that money invested it would be worth £30,000 now!

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1 comment to North Cyprus Ex-Pat Turkish Lira Accounts Massively Devalued Day By Day

  • Polly Marples

    Must be some seriously worried ex pats who put all their sterling into lira. Pauline is so pleased she is no longer living in lalaland.

    Let us hope some of their Mickey Mouse banks go to the wall…one in particular.

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