ISO code TRY, symbol ₺
Official currency of the Republic of Türkiye, subdivided into 100 kuruş.
Currency · TRY · ₺Turkish lira
(TRY) exchange rate
The Turkish lira is the official currency of Türkiye. An emerging-market currency marked by high volatility, it is converted at the real interbank rate, in real time, with a transparent margin from 0.40% to 0.15%.
TRYISO code · ₺
CBRTCentral bank
0.15%Margin from
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The Turkish lira in brief
The essentials about the Turkish lira (TRY)
The key facts about Türkiye's currency, and how to convert it at the right rate.
Managed by the CBRT
The Central Bank of the Republic of Türkiye (CBRT / TCMB) conducts the country's monetary policy.
Volatile emerging currency
Heavily depreciated over the past decade, sensitive to inflation and the geopolitical context.
Exchange from 0.15% at ibani
A sliding, transparent margin applied to the real rate, with no hidden fees.
Our experts' analysis
The Turkish lira, an emerging
currency under pressure.
The Turkish lira (TRY) is the currency of a large emerging economy straddling Europe and Asia. Over the past decade, it has depreciated sharply against strong currencies, driven by persistent inflation and long-standing unconventional monetary policy choices.
For Swiss residents with ties to Türkiye, the CHF/TRY pair is closely watched: it can move sharply in a short time. Tracking Turkish inflation, the central bank's decisions and the geopolitical context helps to better understand the lira's movements and to choose when to exchange it.
TRY key facts
ISO codeTRY · ₺
Central bankCBRT / TCMB
Area of useTürkiye
Notable featureHigh volatility
Monetary policy
The CBRT's policy towards the lira
The Central Bank of the Republic of Türkiye (CBRT, or TCMB in Turkish) is responsible for the country's monetary policy. Its mandate targets price stability, but the high inflation of recent years has made this objective particularly demanding.
To act on the lira, the CBRT uses several instruments:
Key interest rates
The main lever against inflation. After a phase of unconventional cuts, from 2023 the CBRT carried out a sharp tightening, raising the key rate to as high as 50%.
Reserves and interventions
Managing foreign exchange reserves and measures on deposits serve to cushion the lira's volatility and defend its value on the market.
The CBRT's decisions have a direct impact on the value of the lira: credible tightening tends to support it, while doubts about the direction of monetary policy or geopolitical tensions can accentuate its depreciation.
History of the Turkish lira
Key dates of the Turkish lira
2005
New Turkish lira
A redenomination removes six zeros from the currency: 1 new lira (YTL) replaces 1,000,000 old lira.
2009
Return to the name "Turkish lira"
The "new" prefix is dropped: the currency becomes simply the Turkish lira (TL) again, ISO code TRY.
2012
Adoption of the ₺ symbol
The central bank introduces the official sign of the Turkish lira, chosen following a national competition.
2018
Currency crisis
The lira falls sharply against the dollar and the euro, amid inflationary and geopolitical tensions.
2021-2022
Unconventional policy
Despite rising inflation, the central bank cuts its rates; inflation peaks at around 85% in late 2022 and the lira depreciates sharply.
2023-2024
Orthodox shift
After the 2023 elections, the CBRT raises its key interest rates sharply, up to 50%, in an attempt to stabilise the lira.
Today's rates
Our rates for the Turkish lira (TRY)
Indicative value for 1 unit, ibani margin included. Click a pair for its details and history.
Reference rate as of 7 October 2026; the rate applied is the one at the time of the order.
News
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Read articleFrequently asked questions
Frequently asked questions about the Turkish lira (TRY)
Always compare the rate offered with the real interbank rate (mid-market). A specialised online exchange service like ibani starts from this real rate and only adds a transparent margin from 0.40% to 0.15%, with no hidden fees, whereas a bank often applies a much wider spread. Compare with our rate comparison tool.
The Turkish lira is issued and managed by the Central Bank of the Republic of Türkiye (CBRT, or TCMB in Turkish). It conducts the country's monetary policy and sets the key interest rates, whose decisions strongly influence the value of the lira against other currencies.
The Turkish lira has lost a large part of its value over the past decade due to structurally high inflation, a long-standing unconventional monetary policy (rate cuts despite high inflation) and a marked sensitivity to the geopolitical context. Since 2023, a sharp monetary tightening has aimed to stabilise the currency and restore the central bank's credibility.
At ibani, you can convert the Turkish lira (TRY) into Swiss francs (CHF) and euros (EUR), at the real interbank rate, plus a margin of 0.40% to 0.15% depending on the amount. The reverse operation is also possible, from Swiss francs or euros into Turkish lira.
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