Do you know that you will need 17.46% less Brit pounds this September to get the same amount of New Turkish Lira received in September 2010?
If you planning to travel out of Britain to any foreign destination, the first equation you'll need to settle is whether your financial position will be adequate to meet your requirements, the instant you cross the global borders. Before making any bookings for a vacation or work trip, it would seem a good idea that you first take enough consultations about the foreign exchange rates. Many travel agencies have daily updates of the rates, and have currency convertors placed on their web sites.
In September 2010, if you wished to order Turkish lira, the exchange rate of the New Turkish Lira against the pounds was 1 New Turkish Lira would be purchased for 0.4296 Pounds. A straightforward interpretation to some who traveled to Turkey in Sep 2010 was that for each English Pounds Sterling, one would receive an equivalent of 2.3277 New Turkish Lira. Presuming the same person plans for a holiday or a business journey from United Kingdom to Turkey this summer, you'll find a different exchange rate because of a number of factors. Says research carried out from a considerable number of foreign exchange markets in Turkey in Sep 2011, the average exchange rate of a New Turkish Lira is 0.35 Brit Pounds.
During the month of September 2011, a Brit traveler going to Turkey will need 2.82 New Turkish Lira, per English pound sterling. If we are to compare the exchange rates of the New Turkish Lira to the UK Pound Sterling for the periods of Sep 2010 and Sep to 2011 by use of an easy ratio, the exchange rate in New Turkish Lira Sep 2010: exchange rate in New Turkish Lira of Sep 2011
2.3277 : 2.82
Appreciation cost of the English Pound = (difference between year before and current year) divided by value current year, multiplied by 100%
= (2.82-2.3277)/2.82 *100
=17.46%
This implies the British pound has gained by 17.46% to the New Turkish Lira and the New Turkish Lira has lost by the same value in the year ending September 2011.In money terms, the UK pound has appreciated by 17.46% to the New Turkish Lira. Similarly, the New Turkish Lira has depreciated by 17.46% to the UK pound.
A straightforward interpretation to this equation would suggest that one will need 17.46% less British pounds this September to get the same amount of New Turkish Lira received in Sep 2010.
A traveler from Great Britain to Turkey will be carrying a more robust currency in 2011, than what he was carrying in 2010.This will be cheaper for the traveler re payments effected in Turkey. Thus one needs to take less English pounds with him to get equivalent services as of the year before. Turkey would be a less expensive destination for a traveler who frequents the country for vacation.
The stronger UK pound will mean that more travelers will view Turkey as a cheaper destination. This will attract more budget orientated travelers to Turkey.
If you planning to travel out of Britain to any foreign destination, the first equation you'll need to settle is whether your financial position will be adequate to meet your requirements, the instant you cross the global borders. Before making any bookings for a vacation or work trip, it would seem a good idea that you first take enough consultations about the foreign exchange rates. Many travel agencies have daily updates of the rates, and have currency convertors placed on their web sites.
In September 2010, if you wished to order Turkish lira, the exchange rate of the New Turkish Lira against the pounds was 1 New Turkish Lira would be purchased for 0.4296 Pounds. A straightforward interpretation to some who traveled to Turkey in Sep 2010 was that for each English Pounds Sterling, one would receive an equivalent of 2.3277 New Turkish Lira. Presuming the same person plans for a holiday or a business journey from United Kingdom to Turkey this summer, you'll find a different exchange rate because of a number of factors. Says research carried out from a considerable number of foreign exchange markets in Turkey in Sep 2011, the average exchange rate of a New Turkish Lira is 0.35 Brit Pounds.
During the month of September 2011, a Brit traveler going to Turkey will need 2.82 New Turkish Lira, per English pound sterling. If we are to compare the exchange rates of the New Turkish Lira to the UK Pound Sterling for the periods of Sep 2010 and Sep to 2011 by use of an easy ratio, the exchange rate in New Turkish Lira Sep 2010: exchange rate in New Turkish Lira of Sep 2011
2.3277 : 2.82
Appreciation cost of the English Pound = (difference between year before and current year) divided by value current year, multiplied by 100%
= (2.82-2.3277)/2.82 *100
=17.46%
This implies the British pound has gained by 17.46% to the New Turkish Lira and the New Turkish Lira has lost by the same value in the year ending September 2011.In money terms, the UK pound has appreciated by 17.46% to the New Turkish Lira. Similarly, the New Turkish Lira has depreciated by 17.46% to the UK pound.
A straightforward interpretation to this equation would suggest that one will need 17.46% less British pounds this September to get the same amount of New Turkish Lira received in Sep 2010.
A traveler from Great Britain to Turkey will be carrying a more robust currency in 2011, than what he was carrying in 2010.This will be cheaper for the traveler re payments effected in Turkey. Thus one needs to take less English pounds with him to get equivalent services as of the year before. Turkey would be a less expensive destination for a traveler who frequents the country for vacation.
The stronger UK pound will mean that more travelers will view Turkey as a cheaper destination. This will attract more budget orientated travelers to Turkey.
About the Author:
Randy Smith owns 1 or 2 properties in Turkey and is always inquisitive about what's happening with exchange rates. For a travel money card purchase he promote a Fair FX card.
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