North Cyprus News | 4TL to the £1!

North Cyprus News | 4TL to the £1!Out of interest I thought I’d point out that the 4TL/£1 boundary has been breached today with the £l currently purchasing 4.025 TL.

4tl to the £1The reason for this record level of decline is speculation that the June elections may diminish the AK Party’s majority along with the prospect of higher U.S. interest rates. One opinion poll shows the main Kurdish party, the People’s Democratic Party, is poised to achieve the 10% vote it needs to enter parliament. The AK Party has managed a single-party government for 13 years.

The AK Party is likely to achieve 42% of the vote, but that’s down from 49.8% achieved in the 2011 elections. This makes doubtful Erdogan’s plans for a majority big enough to enable him to alter the constitution to boost the powers of the president’s office which he currently holds.

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1 comment to North Cyprus News | 4TL to the £1!

  • Polly Marples

    Very scary times for ex pats who changed their sterling to lira and were enjoying a high interest rate. A double whammy, lower interest rates and potentially huge loss if they need to convert back for any reason.