TRYJPY (TRYJPY^)

Turkey’s economy is increasingly driven by industry and service sectors: automotive, construction, electronics.

Many Turks are still employed in traditional sectors: agriculture, or textiles and clothing.

The Yeni Türk Lirası (New Turkish lira, YTL) was introduced on January 1, 2005 to remove six zeroes. On January 1, 2009 all old liras were removed from circulation and the “new” currency again became the “lira” (TRY).

The Turkish Lira is the official currency of Turkey. It is subdivided into 100 kurus. All the notes and coins have portraits on the obverse side of Mustafa Kemal Atatürk at different points of his life since the 1930s. The Central Bank of Turkey is holding a contest to find a new currency sign.

Turkey has a well-developed economy. It is among the world’s leading producers of agricultural products, textiles, motor vehicles, ships and other transportation equipment, construction materials, consumer electronics, and home appliances.

In recent years, Turkey’s private sector has been growing rapidly, but the state still plays a major role in industry, banking, communications, and transport.

Turkey has the world’s 15th largest GDP-PPP and the 17th largest nominal GDP. The country is a founding member of the OECD (1961) and is one of the G20 major economies (1999).

The World Bank classifies Turkey as an upper-middle income country in terms of its per capita GDP in the year 2007. According to a survey by Forbes magazine, Istanbul, Turkey’s financial capital, had a total of 28 billionaires as of March 2010 (down from 35 in 2008), which ranks it 4th in the world behind New York City (60 billionaires), Moscow (50 billionaires), and London (32 billionaires).

Japanese yen tends to make gains when encouraging economic, employment and trade reports are released, while certain commodities such as oil, base metals involved in the car industry and coal can have an effect.