Up and down like a fiddlers elbow, changing your cash at the right time can make a big difference.
Whether you are visiting, living here and have your money held in GBP or intending to buy a property then you’ll be very interested in the exchange rate to the new Turkish Lira (YTL) because it has a direct effect on your buying power.
The exchange rate has varied considerably since 1 January 2003 with a movement of around 21% between the highest and lowest rates.
For example a shopping bill of 60 YTL would have cost GBP 27.40 at the lowest exchange to GBP 21.40 at the highest – a GBP 6.00 difference!
However, this isn’t the whole story. Inflation is running at around 10% currently but has been much higher in other years – 20+%. So, the Turkish Lira is overall an appreciating currency. In other words things are getting more expensive as the GBP buys less!
Prevailing exchange rates are shown on the left in the ‘Key Finance Info’ box.