GBP/TRY

History of GBP TRY Trading

The Great British pound (GBP) is the 4th most traded currency in the forex market after the United States dollar, the Euro, and the Japanese yen. Along with those 3 currencies and the Chinese yuan, it forms the basket of currencies which calculate IMF special drawings rights value. The British pound represents the oldest currency in continuous use. It is the official currency of the Sandwich Islands, the Guernsey, Jersey, British Antarctic Territory, the Isle of Man, Tristan da Cunha, and the Isle of Man United Kingdom.

The Turkish lira was introduced in early 2005, and it was equivalent to 1M of the old Turkish lira. Throughout its history, the currency has been pegged to the British pound, French franc, and both hard and soft pegging to the U.S dollar. Today, there is no longer an explicit peg, but Turkey actively intervenes in the currency markets and influences the Turkish lira's value.