Paphos People

euro:GB pound 1.2564 - live market rate as at 1.04pm today (Cyprus time)!!!

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Merda taurorum animas conturbit

Not great, certainly make our visits more expensive. Not good for tourists either, some think Cyprus is expensive to begin with, need it to improve soon.

Jan

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ALWAYS MOVE FORWARD

Not so good for those of us living here on fixed incomes either!!

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Merda taurorum animas conturbit

Where was that rate Judge, kiosk or bank??

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Molly

Treat others as you want to be treated

sorry neither - thats the live market exchange rate as quoted on the LSE

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Merda taurorum animas conturbit

I hope it wasnt the Kiosk Molly, although not the best place to go these days, they certainly had the best rate, we used them all the time.



Jan

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ALWAYS MOVE FORWARD

I used two of my bank cards last week on the same day to compare the rates. The Nationwide gave me 1.25 whilst First Direct/HSBC only 1.23 PLUS charges. The rate according to the interbank email I get daily has dropped again today. Everyone with any Sterling transactions are suffering at the moment and we have been advised by various finacial people that it will get worse, much worse.

We are having a delemma about what to do with the proceeds of our house sale. On the one hand we are advised to convert to Euros before it gets worse, but we can't get a decent deposit account rate to have Euros (max around 4.5%), whereas we can get nearly 7% on Sterling if we put it offshore. The other problem is the cost of the house build. The price is fixed on contract in CY£ which will obviously be converted at the set rate of 1.708 but since Sterling has dived it will cost a lot more than we had originally calculated, and on the rate today compared to when we fixed the cost last May it is costing us a whopping £32745 Sterling more. If it keeps dropping then the cost will keep on rising.

What are the rest of you doing who have Sterling on deposit? Hanging on to see if things get better or cutting your losses and converting now.

Maybe we need a financial expert section too. (PETE????????)

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Tina
xxxx

Not at the moment Jan, they are all lower than that rate

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Molly

Treat others as you want to be treated

The kiosks I spotted today were quoting 1.23

Same as the bank KG

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Molly

Treat others as you want to be treated

Live LSE Bid price at 4.50pm Cyprus time (Tuesday 1st April) was 1.2683

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Merda taurorum animas conturbit

2nd April 0744hrs Live LSE Bid rate 1.2704 - marginal improvement but at least in the right direction

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Merda taurorum animas conturbit

So, if someone is coming over and wants to open a bank account, is it best to open a sterling account and a euro account, but keep your money in sterling for the time being. Then watch the rates and exchange if/when they improve?

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Verity.

Be who you are, and say what you feel, because those who mind don't matter, and those who matter don't mind.

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