SGD 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!
What influences the AUD/TRY exchange rate?
The Turkish lira (TRY) uses a floating exchange rate system, and the AUD also functions within a floating exchange rate system. Supply and demand within the market help to determine exchange rates, and the determinants of forex supply and demand include monetary policies, economic fundamentals, and international developments.2 .Although the TRY is a currency that’s traded less frequently compared to others on the forex market, the AUD/TRY is one of its more commonly traded pairs.3
Since 2008, the TRY has been on a steady decline against the AUD due largely to the political turmoil and military unrest in recent years. Terror attacks and geographic proximity to the civil war in Syria have contributed to the currency crisis in Turkey by creating a refugee crisis and by spooking foreign investors.4
“Turkey is Australia's 33rd largest merchandise trading partner, with two-way trade valued at almost $1.3 billion in 2015.” – Australian Government Department of Foreign Affairs & Trade5
Australian businesses have invested in Turkey’s energy sector, and there is also investment interest in areas that include mineral exploration, agribusiness, construction, and infrastructure.5
Turkey isn’t a member of the European Union (EU), but it is a member of the European Union’s Common Market.6
In 2015, Turkey was ranked 18th in GDP, while Australia ranked 12th.7
In 2014, Turkey was the 27h largest exporter and the 23rd largest importer in the world, while Australia was the 21st biggest exporter and 21st biggest importer.8,9
Major Australian exports to Turkey include cotton, gold, coal, and medicaments, while major imports from Turkey include fruits, nuts, gold, lime, and cement.10
Whether you’re planning on going on holiday in Turkey or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Turkey, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
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 AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the TRY to AUD exchange rate today.