Turkish Lira
The Turkish Lira, represented by the currency code TRY and the symbol ₺, is the official currency of Turkey. The Central Bank of the Republic of Turkey (TCMB) issues and manages the Turkish Lira.
The Turkish Lira has been the currency of Turkey since the late Ottoman Empire. The modern Turkish Lira (TRY) was introduced in 2005, replacing the old Lira (TRL) at a rate of 1 million TRL to 1 TRY, to revalue the national currency and curb inflation.
Convertible:Yes
Transferable:Yes
Exchange rate regime:Floating
Available currency pairs
Transaction types
FX
Spot
Delivery date
T+1; T+2
Liquidity
High
FX
Forward
Maximum maturity
24 months
Liquidity
Medium
Did you know?
The primary objective of the TCMB's monetary policy is to achieve and maintain price stability. The Bank uses the one-week repo auction rate as its main policy tool. Additionally, it uses a complex system of multiple interest rates, known as the "interest rate corridor," to manage liquidity conditions in the market.
The TCMB has faced significant challenges in recent years due to high inflation, currency depreciation and economic instability. Its responses, including aggressive rate hikes and unconventional monetary policies, have drawn considerable attention from the international community.
Key Features of TRY
The Turkish Lira is subdivided into 100 kuruş. Coins are issued in denominations of 1, 5, 10, 25, and 50 kuruş, and 1 Lira, while banknotes come in denominations of 5, 10, 20, 50, 100, and 200 Lira.
Turkish Lira banknotes and coins feature images of important Turkish historical figures and cultural symbols. For instance, current banknotes bear the portrait of Mustafa Kemal Atatürk, the founder of the Turkish Republic, on the obverse side, and various Turkish cultural and historical landmarks on the reverse side.
Expert Opinion
The Turkish Lira is frequently discussed by financial experts for its high volatility. Key factors influencing the Lira include domestic economic indicators, geopolitical risks, and the TCMB's monetary policy decisions.
Over the past few years, the Turkish Lira has faced substantial depreciation, prompting analysts to closely monitor the TCMB's actions and their implications for the Turkish economy and global financial markets.
TRY Regulations
The Central Bank of the Republic of Turkey is responsible for regulating the Turkish Lira. It oversees the country's monetary policy, manages foreign exchange reserves, and ensures the stability of the financial system.
As part of its regulatory role, the TCMB has implemented measures to prevent financial crimes. These include stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations that financial institutions must adhere to.
Important information
Payments in TRY to Turkey
Key considerations to bear in mind
Payment instructions should contain the beneficiary's IBAN, name, and address.
Payment Processing Time
The time taken for a payment to reach the recipient's bank account can vary. Domestic transfers within Turkey are typically processed quickly, while international transfers may take a few business days. Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience.
Fees and Charges
Banks and financial institutions may apply fees and charges when processing international payments. These fees can vary, so it is advisable to check with your bank to understand the charges associated with your transaction. Check out iBanFirst’s Savings Calculator to estimate how much you could save on your next international payment.
Keep in mind
Bank holidays
01
January
New Year's Day
23
April
National Sovereignty and Children's Day
01
May
Labor and Solidarity Day
19
May
Commemoration of Atatürk, Youth and Sports Day
25
July
Democracy and National Unity Day
30
August
Victory Day
29
October
Republic Day
Ramadan Feast
Varies - Three days
Sacrifice Feast
Varies - Four days
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