Are you aware that it's getting less expensive to travel to Turkey?
Did you know that you're going to need 17.46% less UK pounds this Sep to get the same quantity of New Turkish Lira received in Sep 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 Sep 2010, if you wanted to buy Turkish lira, the exchange rate of the New Turkish Lira against the pound sterling was 1 New Turkish Lira would be acquired for 0.4296 Pound Sterling. An easy interpretation to some who traveled to Turkey in September 2010 was that for every British Sterling, one would receive an equivalent of 2.3277 New Turkish Lira. Assuming the same person plans for a vacation or a work trip from Great Britain to Turkey this summer, you will find a different exchange rate thanks to a number of factors. According to research carried out from numerous foreign exchange markets in Turkey in September 2011, the average exchange rate of a New Turkish Lira is 0.35 British Pound sterling.
During the month of September 2011, a British traveler going to Turkey will need 2.82 New Turkish Lira, per British pounds sterling. If we are to compare the FOREX rates of the New Turkish Lira to the British Pound Sterling for the periods of Sep 2010 and Sep to 2011 by use of a simple ratio, the exchange rate in New Turkish Lira Sep 2010: exchange rate in New Turkish Lira of Sep 2011
2.3277 : 2.82
Appreciation value of the Brit Pound = (difference between previous year and current year) divided by price current year, multiplied by 100%
= (2.82-2.3277)/2.82 *100
=17.46%
This means the UK pound has gained by 17.46% to the New Turkish Lira and the New Turkish Lira has lost by an equivalent value in the year ending September 2011.In fiscal terms, the Brit pound has appreciated by 17.46% to the New Turkish Lira. Similarly, the New Turkish Lira has depreciated by 17.46% to the British 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 stronger currency in 2011, than what he was carrying in 2010.This will be less expensive for the traveler in terms of payments effected in Turkey. So one has to take less British pounds with him to receive identical services as of the previous year. Turkey would be a cheaper destination for a traveler who frequents the country for holiday.
The stronger British pound will suggest that more travelers will view Turkey as a cheaper destination. This can 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 Sep 2010, if you wanted to buy Turkish lira, the exchange rate of the New Turkish Lira against the pound sterling was 1 New Turkish Lira would be acquired for 0.4296 Pound Sterling. An easy interpretation to some who traveled to Turkey in September 2010 was that for every British Sterling, one would receive an equivalent of 2.3277 New Turkish Lira. Assuming the same person plans for a vacation or a work trip from Great Britain to Turkey this summer, you will find a different exchange rate thanks to a number of factors. According to research carried out from numerous foreign exchange markets in Turkey in September 2011, the average exchange rate of a New Turkish Lira is 0.35 British Pound sterling.
During the month of September 2011, a British traveler going to Turkey will need 2.82 New Turkish Lira, per British pounds sterling. If we are to compare the FOREX rates of the New Turkish Lira to the British Pound Sterling for the periods of Sep 2010 and Sep to 2011 by use of a simple ratio, the exchange rate in New Turkish Lira Sep 2010: exchange rate in New Turkish Lira of Sep 2011
2.3277 : 2.82
Appreciation value of the Brit Pound = (difference between previous year and current year) divided by price current year, multiplied by 100%
= (2.82-2.3277)/2.82 *100
=17.46%
This means the UK pound has gained by 17.46% to the New Turkish Lira and the New Turkish Lira has lost by an equivalent value in the year ending September 2011.In fiscal terms, the Brit pound has appreciated by 17.46% to the New Turkish Lira. Similarly, the New Turkish Lira has depreciated by 17.46% to the British 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 stronger currency in 2011, than what he was carrying in 2010.This will be less expensive for the traveler in terms of payments effected in Turkey. So one has to take less British pounds with him to receive identical services as of the previous year. Turkey would be a cheaper destination for a traveler who frequents the country for holiday.
The stronger British pound will suggest that more travelers will view Turkey as a cheaper destination. This can 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.