Turkish Lira_flag

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.



Exchange rate regime:Floating

Did you know?

Turkey's Monetary Policy


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.


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.


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.


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.

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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



New Year's Day



National Sovereignty and Children's Day



Labor and Solidarity Day



Commemoration of Atatürk, Youth and Sports Day



Democracy and National Unity Day



Victory Day



Republic Day

Ramadan Feast

Varies - Three days

Sacrifice Feast

Varies - Four days


Currency Reference Guide

Get the full currency reference guide, updated by the iBanFirst currency market experts.

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