The pound sterling has the abbreviation £. This is the standard unit of currency in the UK and some other countries, the oldest money in the world that is still heavily used. It first came into circulation in the 8th century and was initially based on 240 silver cents.
A strong pound is when the pound is high to another foreign currency. Moreover, the pound is the strongest when 1 pound buys you more foreign currency than ever before and the weakest when 1 pound buys you less money than in history. Moreover, a strong or weak pound depends on what foreign currency you are talking 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 transport equipment, 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 has the 15th largest GDP-PPP in the world and the 17th largest nominal GDP. The country is a founding member of the OECD and is one of the largest economies of the G20.
The World Bank classifies Turkey as a country with an income above the average per capita GDP. 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.l
So, for example, if the US Presidential Administration announces the introduction of tariffs on the import of metals, this will cause the volatility of the GBP/TRY exchange rate. Turkey is the largest exporter of steel 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 in a long-term strategy should carefully monitor the data that appears on the production and sale of this material.
Today, the pound of the Turkish Lira (GBP/TRY) may plummet, as there is growing concern that Brexit without deals will offset some optimistic UK employment figures.