Kibkom North Cyprus Forum

On my last visit to NC, I was discussing investing in a TL deposit account. These look to pay exceptionally good rates of interest.
Does anyone have any experience or advice.
Thanks

They do have amazing rates of interest but as the TL is so volatile usually in a downward direction what you gain in interest you more than lose in depreciation of your capital.

Depends if you invest here and live here it's good as you can get over20% interest depending on the amount you invest yes the tl has dropped but if you are living here it's still far better than having it in sterling and I suspect still more than you get in the uk. Plus do the uk tax people know about it???

TL interest accounts are taxed at 10% at source. I wonder why the UK HMRC need to be aware of TRNC monies. The UK does not recognise the TRNC, ergo it could be argued what you earn here is nothing to do with any UK Governmental authority. Providing you pay the TRNC Government tax on interest, you should be safe from any other 'parasite'.

Most who invested some years ago are having a problem making any real profit on savings as the volatility in the TL over the last few years has wiped out any gains you should have made,...myself included.
I bailed out back end of last year and abandoned any hope of any improvement in the currency.
There has been forecasts over the last few months that STG to TL will be to around 12 or 13 over the next few years how true this is is anybody's guess.
Some commentators on here warned about the dire problems ahead with TL and have been proved right. so proceed with caution would be my advice.

Thanks for your responses. Definitely some points to consider.