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TURKISH ROLLER-COASTER

 
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ak_tesl



Joined: 24 Jun 2005
Posts: 50

PostPosted: Thu Aug 03, 2006 3:31 pm    Post subject: TURKISH ROLLER-COASTER Reply with quote

When I came to Turkey in February, 1 US was worth 1.36 YTL. Just before summer, the YTL got devaluated to 1.7, and recently it stood at 1.38. So if you had bought 1000 US back then, and then exchanged the money to YTL (1700 YTL), and back to US (1230), you would (in theory) have made a profit of almost 25%.

TEFLres earning the YTL equivalent of US must feel dizzy. I certainly do.

Will next year (elections year) be another roller-coaster? Or more like Canada�s Wonderland�s �The Sledge Hammer�?
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thrifty



Joined: 25 Apr 2006
Posts: 1665
Location: chip van

PostPosted: Thu Aug 03, 2006 5:25 pm    Post subject: Reply with quote

No, I don't feel dizzy at all. I am sure that we are all used to it.

Next year should be much the same.

I doubt any TEFLers made any money on the ups and downs in the exchange rates.
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molly farquharson



Joined: 16 Jun 2004
Posts: 839
Location: istanbul

PostPosted: Thu Aug 03, 2006 5:53 pm    Post subject: Reply with quote

we live here. Why should it be different for us than for the turks? We make more than most of them as it is. Take a chill pill.
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billybuzz



Joined: 05 Jan 2006
Posts: 219
Location: turkey

PostPosted: Sat Aug 05, 2006 9:09 am    Post subject: Reply with quote

Its a mistake to get paid in dollars these days ,generally not worth much these days ,go for Euros if you can I know some internatinal schools pay sterling (nice) but ytl is great for saving coz of the interest rates .And as Molly said we do live here aftyer all.
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thrifty



Joined: 25 Apr 2006
Posts: 1665
Location: chip van

PostPosted: Sat Aug 05, 2006 11:35 am    Post subject: Reply with quote

YTL is not great for saving because the interest rates are not high when you take into account the real rate of inflation. Add to that the instability of the YTL and you have no reason to save in YTL. If the YTL was so great you would have foreign investors saving in it. But we do live here.
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ak_tesl



Joined: 24 Jun 2005
Posts: 50

PostPosted: Sun Aug 06, 2006 2:45 pm    Post subject: Reply with quote

Hi Molly. How was your trip back home?

molly farquharson wrote:
We make more than most of them as it is.


Quite true. Not a happy situation.
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ak_tesl



Joined: 24 Jun 2005
Posts: 50

PostPosted: Sun Aug 06, 2006 2:48 pm    Post subject: Reply with quote

billybuzz wrote:
but ytl is great for saving coz of the interest rates.


Higher interests mean higher risks.
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