Turkish Lira
a.k.a. TRY
Turkey's currency, known for high inflation and dramatic crashes during unconventional policy experiments.
The Turkish lira (TRY) is Turkey's money and one of the most volatile emerging-market currencies. It lost a large chunk of its value in a 2018 crisis, then plunged again in 2021 when the central bank cut rates while inflation was soaring, defying normal central-bank logic. Inflation then climbed above 80% in 2022.
Since 2023, Turkey has raised rates sharply to restore credibility. For traders, the lira is a study in how interest rates, inflation and trust in policymakers interact. High rates can make it a carry trade candidate, with significant crash risk.
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