The Dubai Gold and Commodities Exchange will begin to trade Turkish lira in its futures market, the first time the Turkish currency will be traded as an investment instrument at a globally important finance center
Turkish lira will be traded as an investment instrument at global financial centers for the first time beginning in the second half of 2015.
The Turkish lira and Chinese yuan will be offered as new financial instruments into the futures market in the Dubai Gold and Commodities Exchange (DGCX). Talking about the lira futures, the president of the DGCX, Ian Wright, said "We are interested in China and Turkey."
Currency types account for the largest portion in operations of the DGCX, where daily operations are valued at $1.4-1.5. The DGCX had placed the Russian ruble and the Korean won into trading currency types in 2014. Additionally, shares, precious metals and hydrocarbon are also traded.
Security markets are not the only places where the Turkish lira is actively traded. It is also being increasingly used in trade. Gulamali Kamyab, vice president of the Central Bank of Iran announced that Iran would use Turkish lira, Chinese yuan, Russian rubles and euro currencies in all business transactions with foreign countries. The use of Turkish lira in foreign trade has increased approximately 23.5 percent in the last five years.