GBPTRY Live Chart, Exchange Rate & Analysis | Trade GBPTRY

Interesting facts about the GBPTRY (British Pound to Turkish Lira)

The British pound sterling (GBP) is the national currency of the United Kingdom of Great Britain and Northern Ireland and its dependent territories.a

Until 2020 Britain was an active member of the European Union. However, as a national currency, the euro was voted down by a majority of the British people. The pound sterling is inextricably linked to notions such as the independence and sovereignty of the United Kingdom, which the new European currency could not provide.

On the world financial market, the GBP has taken a strong place and is rightly considered a stable reserve currency. Even the global financial crisis has not affected the currency’s value.

The Turkish lira (TRY) is the official currency of the Republic of Turkey. From 1935 the TRY was pegged to the United States dollar. In 1947, Turkey became an International Monetary Fund (IMF) member. Rising inflation reduced the purchasing power of the lira, so Turkey was forced to artificially overvalue the national currency relative to the USD in order to maintain a strong exchange rate in accordance with its agreements with the IMF. This policy led to the devaluation of the Turkish lira.

In 1980, it was decided to move the Turkish currency to a floating rate while maintaining the principle of plurality of exchange rates. Until now, the floating rate of the TRY has been controlled. The Turkish lira is among the most unstable currencies, and its price can change trend several times in one week. Due to the high volatility of the GBP/TRY pair, trading GBP to TRY entails both great risks and significant potential profits.