The Turkish lira is the official currency οf Turkey and Nοrthern Cyprus. The lira has not been traded a lot with a share of just 1.07% of all forex transactions globally despite its gross domestic product being the 19th largest in the world. On the other hand, the US dollar is the world's reserve currency and it has been since the end of the gold standard in 1971. The US dollar is naturally the most traded currency in the world after being the reserve currency.
The USD dates back to 1792, when the United States Congress created the US dollar as the official country's currency. It serves as legal tender in many countries, and it is the most widely used currency in the world both in circulation and reserve. The US dollar forms the majors as it pairs with all main currencies in the foreign exchange market (forex).
The Turkish lira was introduced in early 2005, and it was equivalent to 1M of the old Turkish lira. Throughout its history, the currency has been pegged to the British pound, French franc, and both hard and soft pegging to the U.S dollar. Today, there is no longer an explicit peg, but Turkey actively intervenes in the currency markets and influences the Turkish lira's value.
