EUR/TRY – Live and Historical Rates
The EUR is a major currency, while the Turkish Lira (TRY) isn’t considered one. The overall small influence of the latter on the global economy means that the pair isn’t a major currency pair either. The above chart illustrates the amount of TRY one will need to purchase a EUR.
The common currency of 21 Eurozone countries, the Euro is indeed the second most traded currency in the world as well as the second largest reserve currency. Introduced in 1999, it has represented the biggest and most ambitious attempt in history at creating a lasting currency union that would eventually encompass an entire continent. Despite its shortcomings and vulnerabilities laid bare by the 2008 economic crisis, the EUR is set to continue to expand – at least on paper. Several nations are required by treaty to eventually join the Eurozone, but some of these EU members have been dragging their feet on the issue lately.
Introduced way back in 1844, the Turkish Lira is mostly known for its massive devaluations over the years. During its long history, it was pegged to other currencies several times. In 1946 for instance, it was pegged to the USD and the French Franc. The TKY’s first devaluation came in 1960, when it was pegged to the dollar again, following this initial meltdown. Up until 2001, its value withered away spectacularly, sometimes at the staggering rate of 40% a year. In 2007, a new version of the TKY was introduced, which has managed to hold on to its value within reasonable levels, since.
The EUR/TKY pair is a pretty volatile one, thus it offers speculators high risk opportunities quite often. Turkey used to be interested in joining the EU and eventually adopting the EUR, but it has all but given up on that bid now.
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