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  • BB71 
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Almost 1.144 as I type. Very Happy Very Happy Very Happy

link

How I wish it would go back to the good old days of 1.45 euro to the pound, Malta would be so cheap to live in, spacious apartments in Gozo would be available at under £50 a week, that's less than Rab C pays for his council flat in Govan. Very Happy Cans of that cheap Dutch lager would be about 40p each. Drink! But having almost visited parity three times in the last year, I'd be more than happy with a steady 1.20 to the pound.

Does anybody know what any of the financial experts have predicted about the strength of the pound this year??
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  • gozomark 
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Funnily enough, I was looking at that very chart at the same time.

You will find financial experts predicting just about anything, and the more there are forecasting something will happen, the more likely the opposite will - that's how financial markets work. Go back a year ago - £ almost at parity to the €, and many forecasting it to go to 0.90 or lower - since then the £ has been the strongest major currency in the world.

FWIW, I think long term £ will be in the 1.15-1.35 range, so even now its cheap. I'm not sure how much above 1.15 the UK will want it to be for now though.

Cans of that cheap Dutch lager would be about 40p each a case of 24 cans is € 10 = 42c, so already less than 40p
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  • BB71 
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I have to confess to having a bit of an obsession with it, I check it every day. Embarassed All my cash reserves are in sterling, so a 5-10% swing either way affects the prices of my rent / everything. I was almost in tears when it was down at 1.05.

I'm hoping for more crap news from Europe, following in Greece's footsteps. Italy's debt problems make Greece pale into insignificance, in fact it will probably be bankrupt within 10 years, so long term the euro has serious problems. And then there's Ireland, Spain, Portugal, PIGS they are known as, rather apt.

Is that 42 cents a can for 50cl?? If it is can you post where you buy it on the RS board. The cheapest, nastiest stuff I found was 50 cents a can. Stick a good glug of lemonade in it and it's more than drinkable though.
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  • BB71 
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I found that this is always a good page for news:

http://www.bloomberg.com/news/markets/currencies.html
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Is that 42 cents a can for 50cl?? Yes

If it is can you post where you buy it on the RS board
Its the one mentioned by me in the second post
http://www.britishexpat.com/expatforum/malta/viewtopic.php?t=8661
They normally have 2 or 3 different brands at € 10 a case
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  • centralad 
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Local wine red or white at 1.20 euros for a litre, is a bargain, and far better value than some of the more expensive wines Smile

But then, one man's meat....................... Wink
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  • recca 
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Unfortunately I bought an apartment in Malta when the rate was 1.5 to the pound. The rate dropped - my mortgage practically doubled overnight. I have just changed some money ready for me coming over on Friday and the highest rate I could get was 1.09. I would love for the rate to improve though I don't suppose it will ever get back to the inflated rate it was 2 years ago. I am just pleased that the interest rate dropped as well, but again I doubt it will stay that low for ever either!
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  • gozomark 
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recca wrote:I have just changed some money ready for me coming over on Friday and the highest rate I could get was 1.09.


You should look at other ways of converting £ to euros - I took some out yesterday at 1.145, the closing interbank rate. See post 4, method 3, on this thread on RS

Currency Exchange?
http://www.britishexpat.com/expatforum/malta/viewtopic.php?t=9054


recca wrote:Unfortunately I bought an apartment in Malta when the rate was 1.5 to the pound.
Why is that bad ? That means in £ the value of the property is up 30% even if the property value in €
is unchanged
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  • recca 
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When I took out the mortgage I owed approx £55,000 converted back from lira - I now owe close to 85,000 euros, approx £77,000, so my repayments are considerably more, as I have to transfer the money from England to Malta to pay the mortgage
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  • gozomark 
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Its very important when taking out a mortgage to consider how the repayments will be refunded. In many ways it makes sense to have your asset (the apartment) and your liability (the mortgage) in the same currency so that if you are forced liquidate the asset, you don't have currency risk.

This makes particular sense if the apartment is to be occasionally rented out as it means the income stream is in the same currency as the repayments (are you renting out the apartment ?)

If the repayments are made from a different currency, as in your case, consideration needs to be given to what happens if the currency the liability is based in rises. One solution is to take out a currency hedge on your mortgage repayments.

Yes, your repayments in £ have risen, but so has your net asset value in £, unless you took out a 100% mortgage and/or the € value of your apartment has dropped significantly from when you bought it.
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  • recca 
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It wasn't a 100% mortgage so hopefully there will still be some equity though I don't think quite as much as what I would hope. Luckily I don't intend on selling unless it becomes necessary to. We don't rent the apartment out, but may do to students if my daughter succeeds in getting into Malta Uni in 3 years time!
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  • gozomark 
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1.153 now

UK Q4 GDP data is released today, which is expected to show UK is no longer in recession. If the figure is negative, then the £ could drop quite sharply (1.13 or below)
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  • gozomark 
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The UK officially emerged from recession in Q4 (just) - 1.162 now, a 5 month high
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  • pjr 
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Hmm - just my luck to have to change money on the UK High Street before my return this week - I had to hunt around to get 1.10. Is 1.16 the internet rate?

PJ
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An up-to-date interbank rate can be got from the link in the first post Very Happy
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