AUD to TRY Exchange Rate

Ah, Turkey: The country responsible for introducing coffee to Europe, growing 70% of the world’s hazelnuts, and producing baklava. Yum!

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What influences the CAD/TRY exchange rate?

The Canadian dollar (CAD) works under a floating exchange rate regime. Therefore, the CAD exchange rate may be determined by supply and demand especially as it relates to the value of the U.S. dollar. Other factors that might influence CAD’s value include commodity prices, interest rates, and inflation rates.1
 
Like the CAD, the Turkish lira (TRY) uses a floating exchange rate system. Therefore, supply and demand within the market will help to determine exchange rates, and the determinants of forex supply and demand include monetary policies, economic fundamentals, and international developments. 
 
In recent years, Turkey’s tumultuous political and economic environment have wreaked havoc on the value of the TRY, which lost nearly 25% of its value against the USD since mid 2015.
 
It remains to be seen if the controversial policies of President Erdogan will continue to ignite tensions with critical trade partner, Europe. In the first half of 2017, the Turkish Borsa performed surprisingly well creating a conundrum for investors given that the country has been under a state of emergency for the last year. 
 
Whether or not investors will be willing to separate Turkey’s political troubles from its economy may affect the CAD/TRY exchange rate in the future.

CAD/TRY Snapshot

“Turkey is an emerging market of broad interest to Canada. It is also a priority market in the Government of Canada’s strategies for international education, and for infrastructure.” – Government of Canada2

  • Canadian investors see opportunities in infrastructure, education, mining, information and communication technologies, and energy sectors in Turkey.2
  • In 2015, Canada was ranked 10th in GDP, while Turkey ranked 18th.3
  • In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.4 Turkey was the 28th largest exporter and the 23rd largest importer.5
  • Canada’s top exports include cars, crude petroleum, refined petroleum, vehicle parts, and planes, helicopters, and spacecraft. Its main imports include cars, vehicle parts, refined petroleum, delivery trucks, and crude petroleum.5
  • Turkey’s top exports include gold, delivery trucks, cars, vehicle parts, and jewellery. Its main imports include refined petroleum, cars, vehicle parts, scrap iron, and planes, helicopters, and spacecraft.6 

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Currency Name: Turkish Lira

Currency Code: TRY

Currency Symbol:

Central Bank: Central Bank of the Republic of Turkey

Countries Used In: Turkey, Northern Cyprus

Major Unit: One Turkish Lira

Minor Unit: One Kuruş

Note Denominations: ₺5, ₺10, ₺20, ₺50, ₺100, ₺200

Coin Denominations: 5kr, 10kr, 25kr, 50kr, ₺1

 

TRY to CAD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the TRY to CAD exchange rate today.

 

Sources:

  1. https://lop.parl.ca/Content/LOP/ResearchPublications/tips/tip117-e.htm
  2. http://www.canadainternational.gc.ca/turkey-turquie/bilateral_relations_bilaterales/canada-turkey-turquie.aspx?lang=eng&_ga=2.7481268.764771610.1497977016-1910332906.1497977016
  3. http://databank.worldbank.org/data/download/GDP.pdf
  4. http://atlas.media.mit.edu/en/profile/country/can/
  5. http://atlas.media.mit.edu/en/profile/country/tha/