Turkish Lira (TRY)
The Turkish Lira is the official currency of Türkiye. The symbol ₺ was introduced in 2012, combining the letters T and L. Exchange-rate awareness is a daily topic for many Turkish households and businesses.
Convert TRY
1 TRY in major currencies
| TRY | All currencies |
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A short history of the Turkish Lira
The lira has been the currency of the Republic of Turkey since 1923, inheriting the Ottoman pound. Its modern history is a chronicle of chronic inflation: prices rose so persistently that in 2005 Turkey knocked six zeros off, creating the New Turkish Lira (the New was dropped in 2009). A middle-class savings habit in foreign currency — dollars under mattresses and gold at home — grew out of those decades.
The 2018 currency crisis and the 2021–2023 experiment of cutting interest rates despite inflation (which peaked above 80%) pushed the lira to historic lows, and dollarization climbed to record levels. Since 2023, a return to orthodox monetary policy has begun rebuilding credibility — the single most important variable for the currency's future.
What moves the TRY exchange rate
The lira's drivers are less about trade and more about trust.
- Central bank credibility: real interest rates (policy rate minus inflation) are the number to watch; negative real rates have meant depreciation
- Political influence over policy: markets price the risk of interference in monetary decisions
- Dollarization: when locals convert savings into dollars and gold, the lira weakens — and the reverse rebuilds it
- External balances: Turkey imports energy and runs structural deficits, financed by tourism, exports and hot money
The Lira in practice
For travelers, Turkey is rewarding and cheap in lira terms, and the country's exchange offices (döviz bürosu) in tourist areas quote genuinely competitive rates — often better than banks, with low or no commission. Cards are accepted broadly, but carrying cash is normal, and prices for hotels are sometimes quoted in euros or dollars to escape volatility.
For remittances, volatility is the enemy: what the recipient receives can change noticeably between sending and settling, so sending promptly and comparing the total received matters more than for stable currencies. Contracts and rents inside Turkey are increasingly indexed to dollars or euros.
Popular Lira conversions
USD/TRY and EUR/TRY are the pairs that matter for everything from imports to tourism. EUR/TRY matters even more for European visitors and exporters, and GBP/TRY serves one of Turkey's biggest tourism markets.
Frequently asked questions
Why does the Turkish Lira keep losing value?
A mix of structurally high inflation, negative real interest rates during unorthodox policy episodes, and episodes of political pressure on the central bank. Money seeks positive real returns, and the lira often lacked them.
What is the difference between TL and TRY?
TL is the Turkish abbreviation (Türk Lirası) and TRY is the ISO code — same currency. The 2005 reform removed six zeros, so today's lira equals one million old lira.
Should I exchange money before traveling to Turkey?
No need to exchange much at home: exchange offices in Turkey are competitive and abundant. Bring euros, dollars or pounds in clean notes and change locally — or simply withdraw and pay by card; just avoid airport desks for large amounts.