The British pound against the new Turkish lira is an exotic ratio of the fourth most popular currency in the world. The GBP/TRY exchange rate indicates the number of lire required to buy a pound. When determining the best time to conduct a currency transaction, in this case, GBP versus TRY, you should be aware of the latest market trends for both currencies.
The British pound has the abbreviation £. This is the standard currency in the United Kingdom and some other countries, the oldest currency in the world that is still widely used. It first appeared in circulation in the eighth century and was initially based on 240 cents of silver.
A strong pound occurs when the pound is higher compared to other foreign currencies. Also, the pound is the strongest when 1 pound buys more foreign currency than ever and the weakest when 1 pound buys less foreign currency than ever. The strength or weakness of the pound depends on the type of foreign currency that the trader decides to trade about. The British pound can be strong against one foreign currency but at the same time weak against another. This is because the pound is valued against other major currencies in the world, such as the US dollar, Polish zloty or Turkish lira, and all these exchange rates are different.
Turkish Lira is the official currency of Turkey. It is divided into 100 kurus. All banknotes and coins have portraits of Mustafa Kemal Ataturk at different times of his life from the 1930s on the front side. The Central Bank of Turkey is conducting a tender to find a new currency sign.
Due to chronic inflation in Turkey, the lira depreciated significantly from 1970 to 1990. Over the past few years, the Turkish lira has stabilized and even increased against the US dollar and the euro. The current Turkish lira is one of the youngest forms of currency, which has been reintroduced into Turkey and has since maintained stable economic growth.
Turkey has a well-developed economy. It is one of the world's leading manufacturers of agricultural products, textiles, automobiles, ships, and other vehicles, building materials, consumer electronics, and household appliances. Turkey had a high rate of inflation compared to other developed countries, but there was never hyperinflation.
Turkey's private sector has overgrown in recent years, but the state continues to play an essential role in the industry, banking, communications, and transport. Turkey ranks 15th in terms of GDP in the world and 17th in nominal GDP. The country is a founding member of the OECD and is one of the largest economies of the G20.
The World Bank puts Turkey among the countries whose incomes exceed the average GDP per capita. According to a study by Forbes magazine, in March 2010 in Istanbul, Turkey's financial capital was 28 billionaires (versus 35 in 2008), which ranks fourth in the world after New York (60 billionaires), Moscow (50 billionaires) and London (32 billionaires).
GBP/TRY exchange rate depends both on events in the world economy and in Turkey itself: Brexit, unemployment rate, consumer price index, metal sales, inflation, etc.
For example, if the US Presidential Administration announces the introduction of metal import tariffs, this will lead to fluctuations in the GBP/TRY rate. Turkey is the largest steel exporter in the world and the sixth-largest in the United States. Consequently, tariffs can have a significant impact on the Turkish economy. Therefore, traders trading on a long-term strategy should carefully monitor the data appearing about the production and sale of this material.
The Turkish pound (GBP/TRY) may fall, because there is growing concern that Brexit without transactions will balance some of the positive employment indicators in the UK. Today, the Turkish pound (GBP/TRY) may fall, because there is growing concern that Brexit without transactions will balance some of the positive employment indicators in the UK.