About the Turkish Lira (TRY)
The Turkish Lira (Türk Lirası, symbol: ₺, code: TRY) is the official currency of Turkey and the Turkish Republic of Northern Cyprus. The lira has been in use since 1844, with the modern Turkish Lira introduced in 2005 following a redenomination that removed six zeros from the old lira (1 new TL = 1,000,000 old TL).
The Turkish Lira experienced significant depreciation against major currencies through the late 2010s and into the 2020s. In 2021–2022, the lira lost over 40% of its value in a single year due to unconventional monetary policy. Since mid-2023, Turkey's central bank (Türkiye Cumhuriyet Merkez Bankası — TCMB) has returned to orthodox monetary tightening, raising interest rates significantly, which has helped stabilise — though not fully recover — the lira. As of 2024, USD/TRY exchange rates are in the 30–35 range.
For businesses, the Borsa Istanbul (BIST) and TCMB publish official daily exchange rates. The effective exchange rate for cash transactions at banks may differ from the official mid-market rate by a spread of 0.5–2%.
Frequently Asked Questions
Currency exchange offices (döviz bürosu) in Turkey typically offer better rates than banks for cash exchanges and often better than airport kiosks. The Grand Bazaar area in Istanbul has many competing döviz bureaus with competitive rates. Using a foreign debit card at a Turkish ATM (choose to be charged in TRY, not your home currency) often gives a rate close to the mid-market rate. Avoid airport exchange counters which have the worst rates.
The TRY depreciation has multiple causes: high inflation (Turkey's CPI reached 85% in 2022), unconventional monetary policy (keeping interest rates low despite inflation in 2021–2022), large current account deficits, and geopolitical factors. Since May 2023, a policy reversal with significant interest rate hikes has slowed the depreciation. Turkey's TCMB raised rates from 8.5% to over 40% between May–December 2023, bringing some stability to the lira.
Yes. Foreigners with a valid Turkish tax number (vergi numarası) and a foreign ID number (yabancı kimlik numarası) can open bank accounts at most Turkish banks. Some banks require a residence permit, while others (especially for non-resident accounts) only need a passport and tax number. Both TRY and foreign currency accounts are available. Major banks include Ziraat, İş Bankası, Garanti BBVA, Akbank, and Yapı Kredi.
No — the rates shown in this converter are indicative static rates reflecting approximate 2024 values (1 USD ≈ 32.5 TL, 1 EUR ≈ 35 TL, 1 GBP ≈ 41 TL). Exchange rates fluctuate daily and sometimes significantly. For accurate live rates, consult the TCMB website (tcmb.gov.tr), Google Finance, or your bank's rate board. Always verify before making financial transactions.