Turkish Lira?

[lasagnabro]

Danger Will Robinson...I found another little tidbit about another country getting ready to re-value their currency. There is a SPECIFIC DATE! January 1, 2005! :happy64: Also note the author's comments "the Economist said that Turkey and Romania have pursued a redenomination and countries with low currency value are RAPIDLY disappearing."
"The Economist introduced Turkey as the 50th country that has pursued redenomination in recent years. With the redenomination taking effect starting on January 1 2005, Turkey will strip off six zeros from its currency. "

http://english.chosun.com/w21data/html/news/200409/200409010023.html

1000 Turkish Lira=.0007 U.S. dollars, or the same value as the Iraqi Dinar at .0007 U.S. Dollars. If they are dropping SIX zeros...or .0000007=One Turkish Lira....is that .70 per U.S. Dollar? Or even compared to the eurotrash cash, it's still a SIZABLE increase. Even at .07 per U.S. dollar is a significant increase. Who's going to be lining up to buy Turkish Lira that is currently worth .0000007 U.S. dollars? I'm already looking for a source online to purchase their currency. If anyone else comes up with the info first please post it!

[TYSON]

Danger Will Robinson...I found another little tidbit about another country getting ready to re-value their currency. There is a SPECIFIC DATE! January 1, 2005! :happy64: Also note the author's comments "the Economist said that Turkey and Romania have pursued a redenomination and countries with low currency value are RAPIDLY disappearing."
"The Economist introduced Turkey as the 50th country that has pursued redenomination in recent years. With the redenomination taking effect starting on January 1 2005, Turkey will strip off six zeros from its currency. "

http://english.chosun.com/w21data/html/news/200409/200409010023.html

1000 Turkish Lira=.0007 U.S. dollars, or the same value as the Iraqi Dinar at .0007 U.S. Dollars. If they are dropping SIX zeros...or .0000007=One Turkish Lira....is that .70 per U.S. Dollar? Or even compared to the eurotrash cash, it's still a SIZABLE increase. Even at .07 per U.S. dollar is a significant increase. Who's going to be lining up to buy Turkish Lira that is currently worth .0000007 U.S. dollars? I'm already looking for a source online to purchase their currency. If anyone else comes up with the info first please post it!


WHY. Havent you ever heard of a reverse split.

[iraqidinar]

Great information, thanks!

[Just_Sayin]

Lasagnabro -

Good find! :happy26:
Very interesting, but does this represent an opportunity like the dinar?

If we are assuming that this process of redenominating their currency revalues it in such a dramatic way, wouldn't there be a huge rush on the bank resulting in a bankrupt central bank? It seems to me they would do it in such a way to prevent this from happening, like gradually reducing the money supply before the redenomination date.

If they did that to the extent that they could strip 7 zeros off their exchange rate against other currency, it would seem to me that either a) the Turkish Lira would be too scarce to be procured in good quantity on the open market, b) The Turkish central bank would somehow prohibit exchange on the open market before the redenomination date, or c) they would issue new currency, making speculation before the redenomination impossible.

Let's find out more! Anyone know of any countries that have recently re-denominated their currency? What was the process? Did this make all holders of the currency instantly more wealthy? Is there a speculation opportunity?

Let's post the answers here! Happy Googling! :wave:

Just Sayin...

[Dinars2Dollars]

WHY. Havent you ever heard of a reverse split.

Yes a reverse stock split is the right analogy. This will likely not be a cause for a higher valuation of their currency. They will probably issue new currency for the old -- very similar to the 150 NID for every swiss dinar. They sound like they are trading in their old currency for new bills of lower denoms.

[prettyboyredneck]

Thats exactly what they are doing.... Mexico did it too, it's a good way to loose money :rolleye03

[STPHomer]

Are you reading the same thing I am? :confused: The author never mentions exchanging any currency for new. The article was about the value of the currency which is extremely low. To improve the currency vs. the euro means to re-value it, not exchange or change it. Either way I'm buying some.

[THANOS]

any news on where to buy the turkish lira?

[danpeg]

This thread is about the Turikish Lira. Nothing else should be discuessed here.

[Psycho for Dinar]

Before anyone gets their undies in a bunch, this is just opinion no facts to back anything up but history.

Sounds like some people are getting something like cabin fever. I have been reading some post but I don't read as much anymore. Seems like some are on edge waiting and waiting and waiting for the Dinar to go up. I admit I got caught up in the whole thing but after seeing events and how Iraq is progressing I think it is going to move like the pony express instead of like e-mail. I was thinking on getting more Dinars but I don't think this is going to turn out like everyone is thinking. If you are going to invest in this thing for a long term investment I think this is not a good investment. Face it in 5-10 years, heck could be tomorrow, there could be another uprising in Iraq and there could be another person in power that is not "USA" approved. The fighting has been going on in that region for the last 6000 or more years. Now we , the "USA" , think we are going to stop in in a year or two. This is like a smoker that has be smoking 2 packs of cigarettes a day for 35 years and now has to quit cold turkey, ain't going to happen. Maybe some one should invent a war patch like the nicotine patch. I agree good things are happening over there too but I think it has to be look at realistically and with common sense.

In short my belief is no one is going to get rich, hope I am wrong because I have and investment in this thing too, Iraq is not going to stabilize especially with the USA forces on Iraqi soil. Democracy will most likely not take hold. Again the reason I think this is because of comments above. I'll be lucky if I make $50 off of this thing. Which is fine because it's $50 more than I had.

DrRaf..if ya wanna sell out, I was thinking of picking some up this Friday anyways...come on over, or pound on the wall, and we'll negotiate out a deal! I'll make you an offer you can't refuse! :cool:

[lasagnabro]

I browsed the HSBC Bank web page and they have branches in Istanbul Turkey. Does anyone have enough banking knowledge from their research to know if you open an account in the U.S. can you use it purchase and or transfer Turkish Lira? If so, wouldn't it be possible to buy the Lira and then have your HSBC account change over from the old to the new? Please no replies of you're stupid or you don't know what you're talking about. Post only RELEVANT information to the question I just asked. Grassyass. :wave:

[seattle]

People......a Million Lira Is Only Worth .67cents Today 9/15/2004

[lasagnabro]

People......a Million Lira Is Only Worth .67cents Today 9/15/2004
Well of course your post provided no relevant information to the question I asked. I know how much the Lira is worth. Did you read the information that stated the Lira will be dropping 6 zeros from it's current value? In other words , if this information is correct, it will go from .0000007 to .70 to the dollar. Thanks for the great, relevant reply. :wave:

[seattle]

lazanya bro.....that had a smart a*s sound to it...i think that is what dan was talking about ....Let me make it more CLEAR, just for you....to make any money on lira you must move to turkey and drop a huge amount of u.s. dollars, exchange your dollars for old lira, wait till after 1-1-05....trade the old lira for the new issue lira and then years living in turkey hoping it goes up so you can make a buck........turkish lira has nothing to do with iraq dinar....lira has a set value...been that way for years.....dinar is new and in the crapper....we wish iraq was worth 67 cents any way i dont think you are that sharp so from now on you are on my pay no heed list......see ya :p

PS....0's have nothing to do with anything in this case