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Silver Prices in Turkish Lira
With various sources of demand, the silver market is in a constant state of flux. The white metal is traded all over the globe, and it can be quoted in and transacted in any currency. Silver is typically quoted by the ounce, gram and kilogram. One ounce coins, bars and rounds are a favorite among individual investors. Larger investors may prefer larger silver bars such as 10 ounce or 100 ounce weights.
The Turkish Lira is the official currency of Turkey and the Turkish Republic of Northern Cyprus. Like numerous other currencies, the Turkish Lira can be subdivided into 100 smaller currency units.
The first Turkish Lira was used from 1923 to 2005. The first lira was pegged to the British Pound and the French Franc. Starting in 1946, the lira was pegged to the U.S. Dollar at a rate of 2.8 lira to one dollar. The lira lost significant value over the years, however, and it eventually became one of the most worthless currencies. Before a law was passed to revalue the lira, it would have taken over 154 million lira to buy one original gold lira coin.
The second Turkish Lira was introduced in 2005 and remains in use to this day. The Turkish Government passed a law allowing for the revaluation which took place at a rate of one new lira for 1 million old lira.
In the first few years following the revaluation, the new lira was referred to as the “new” lira. Eventually, however, the “new” mark was removed from the currency and it once again became known simply as the Turkish Lira.
The Central bank of the Republic of Turkey is Turkey’s central bank. The central bank is in charge of issuing and controlling the country’s currency. In addition it is also tasked with achieving and maintaining price stability and conducting monetary policy.
Silver Pricing in Turkish Lira
The silver market is always moving based on changes in the supply and demand equation. The silver market can be affected by numerous potential issues including monetary policy, interest rates, currency markets, jewelry demand, investment demand, inflation and more.
Unlike the gold market, silver also sees substantial demand from modern industry. The white metal is used in a number of arenas including nuclear power, solar energy, chemical production and electronics. As more potential applications for silver are discovered, demand for the metal could potentially see a significant increase. Industrial demand could also potentially cause a divergence between the price of silver and gold, which have a tendency to move together at times.
The Turkish Economy
The economy of Turkey is considered an emerging market economy by the IMF. Turkey’s economy has seen substantial growth, and it is a leading producer of numerous agricultural products. Some of its main agricultural products include: cherries, watermelons, hazelnuts, green peppers, pistachios, cucumbers and more. The nation’s agriculture has been on the decline since the 1980s, however, and it accounts for far less of the country’s GDP.
Turkey is a major producer of television sets and is heavily involved in the electronics industry. The country is also one of the world’s largest shipbuilders and a major producer of steel. In addition, Turkey exports textiles and clothing.
The country is also seeing growth in its tourism industry, which is a large employer in Turkey and a significant contributor to the country’s GDP.
Turkey’s banking and financial system is considered one of the strongest in Europe, Asia and the Middle East. Due to Turkey’s rapid economic growth, the country has attracted more foreign investment.
As the Turkish economy continues to grow and expand, demand for silver could potentially increase. A stronger economy could mean higher employment and better wages which could potentially fuel investment demand for silver. Growth in the country’s electronics and other industries could also potentially fuel additional demand for the metal.
As the Turkish economy grows, the value of its currency could potentially strengthen. A stronger lira could make silver and other precious metals relatively less expensive.