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Turkish Lira TRY

 

Detailed information and fundamental factors

Central Bank: Central Bank of the Republic of Turkey

Interest Rate: 18.50%

Public Debt to GDP Ratio, 2020: 41.7%

Trade Balance, 2019: $20.4 bln.

Inflation, 2019: 15.2%

Sovereign Credit Ratings:

Fitch
BB-
Stable
Moody's
Ba1
Negative
S&P
B+
Stable

Supporting Factors

High-yielding interest rates

strong

Factors of Weakness

High-risk emerging economy

weak

The Turkish lira is the currency of Turkey and the Turkish Republic of Northern Cyprus (recognized only by Turkey). The new Turkish lira was introduced in 2005, dropping 6 zeros from the old lira. Turkey is one of the major world producers of agricultural commodities and steel.



Turkish Lira News Archive

USD/TRY Tests 7.43 Despite Turkey Reporting GDP Growth amid Pandemic

The Turkish lira extended its weakness against the US dollar in the middle of the trading week. Despite being one of the few economies to avoid a contraction during the coronavirus pandemic in 2020, the lira has been witnessing a selloff in foreign exchange markets. Inflation continues to be a significant worry for investors.

Turkish Lira Weakens Past 7 Despite Growth Upgrades, Policy Normalization

The Turkish lira weakened against its US peer to kick off the trading week, despite several growth updates from major financial institutions and the continuation of policy normalization. Since November, the lira has strengthened about 25%, but the USD/TRY currency pair has hit the pause button as the new policymakers defended the actions of their predecessors.

USD/TRY Flat Amid Strong Factory Activity, Lira Posts Weekly Gain

The Turkish Lira flatlined against its US peer to finish the trading week as disappointing economic data put the brakes on the currency’s rally. But the lira is still poised for a weekly boost against the greenback, with foreign exchange markets remaining bullish on one of last year’s worst-performing currencies. With the central bank putting forward a more consistent and orthodox monetary policy, investors are optimistic about the lira’s future.

Turkish Lira Climbs to Highest Level Against US Dollar Since August

The Turkish lira climbed to its highest level against the US dollar since August as the currency continues to find support from optimistic foreign exchange traders. Despite the bullish performance of the lira, inflation failed to show some improvements in January, with the readings coming in higher than expected. Can the central bank keep a lid on inflation and achieve its lofty objective?

Turkish Lira Rises As Turkey-Greece Initiate Resolution Process for Maritime Boundaries

The Turkish lira strengthened against its US peer to kick off the trading week, buoyed by reports that Turkey and Greece could soon resolve Maritime boundaries. The lira found additional support on decent economic data, as well as optimistic forecasts for 2021. Can the lira keep up the momentum after a decent start to the first few weeks of the calendar year?

Turkish Lira Strengthens As Central Bank Raises Interest Rates Again

The Turkish lira recorded a massive gain against the US dollar on Christmas Eve, driven by the central bank tightening monetary policy and raising interest rates again in its final policy meeting of 2020. Over the last two months, the lira has significantly rebounded after falling to fresh all-time lows. And, according to the early forecasts, the lira could strengthen even more heading into 2021.

USD/TRY Tests 7.9 as US Sanctions Outweigh Positive Economic Data

The Turkish lira is weakening against the US dollar to kick off the trading week. The lira is coming under pressure after the US government slapped sanctions on Turkey over its purchase of Russian S-400 missiles. The economic and geopolitical fallout over sanctions triggered consternation in foreign exchange markets that positive economic data were not enough to support the lira.

Turkish Lira Extends Rebound Despite Higher Inflation, Bearish Locals

The Turkish lira is rallying against some of its major currency peers on Thursday, despite concerning macro data that could further force locals to scoop up more US dollars. The lira has staged a significant rebound over the last month as financial markets showcase their confidence in the nation’s push to a more orthodox monetary policy. But the resurgence in the lira has enabled the locals to scoop up dollars, highlighting that […]

Turkish Lira Rallies As Central Bank Sends Message to Markets With Sharp Rate Hike

The Turkish lira is enjoying one of its best rallies in 2020 as the central bank raised interest rates and sent a message to financial markets that reforms were on the way. Soon after President Recep Tayyip Erdogan cleaned house in his ministry and at the central bank, investors have been placing their bets that Turkey will adopt orthodox fiscal and monetary policies. So far, so good.

Turkish Lira Rallies on Easing of Currency Trading Limits, Bets on Orthodox Policy

The Turkish lira is enjoying its best rally in months as the government eased two-year-old currency trading limits, giving the lira a substantial boost. It is also rising against several currency peers as foreign exchange markets bet that the country would embrace a more orthodox monetary policy following a series of noteworthy exits in President Recep Tayyip Erdogan’s government.

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