What is the Currency of Turkey? A Guide to the Turkish Lira

Turkey’s official currency is the Turkish lira (TRY or TL). The lira is divided into 100 kuruş. It has been Turkey’s currency since 1923 when it replaced the Ottoman lira.

The lira was originally symbolized as TL, inverting the characters LT which stood for Livre Turque in French. In 2012, the Central Bank of Turkey held a competition to create a new symbol for the lira. The winning design resembles an L shaped like a half anchor with a double stroke.

The Turkish lira has gone through periods of instability and inflation, resulting in revaluations. Most recently in 2005, six zeros were removed and the new lira (YTL) was introduced, replacing the old lira (TRL) at a rate of 1 new lira = 1,000,000 old lira.

A Brief History of the Turkish Lira

• 1844 – The Ottoman lira is introduced, with the kuruş as a 1/100 subunit.

• 1923 – The Republic of Turkey is formed. The new Turkish lira replaces the Ottoman lira.

• 2005 – Six zeros removed in a revaluation, introducing the new Turkish lira (YTL).

• 2009 – The word “new” is removed, lira abbreviated as just TL.

• 2018-present – The lira loses significant value against foreign currencies, falling to record lows.

The Turkish lira has struggled with high inflation and loss of value relative to other currencies, especially the US dollar and euro. From the 2000s to the early 2010s, it consistently ranked as the world’s least valued currency.

In 2018 the lira began rapidly declining, reaching 4.5 TL per US$1 in mid-May, then 4.9 a week later. This currency crisis has been attributed largely to President Recep Tayyip Erdoğan preventing the central bank from raising interest rates to control inflation.

Despite Erdoğan’s unorthodox policies, the central bank has raised rates sharply at times to stabilize the lira. However, it continues to face high inflation.

Coins and Banknotes

The current coins in circulation are 1, 5, 10, 25, 50 kuruş and 1 lira. Each features a different design, like a snowdrop flower or Rumi motif on the reverse.

The current banknotes were introduced in 2009 and feature portraits of famous Turkish personalities instead of monuments and landmarks. The E9 series notes depict:

• 5 lira – Purple – Aydın Sayılı
• 10 lira – Red – Cahit Arf
• 20 lira – Green – Mimar Kemaleddin
• 50 lira – Orange – Fatma Aliye Topuz
• 100 lira – Blue – Buhurizade Itri
• 200 lira – Pink – Yunus Emre

Newer issues of the 5 lira banknote use brown instead of purple. The banknotes have varying sizes and incorporate advanced security features against counterfeiting.

Exchange Rates and Conversion

As of March 2023, the exchange rate is approximately:

• 1 USD = 18.8 TRY
• 1 EUR = 19.9 TRY

You can use online currency converters to check the latest exchange rates and convert between the lira and other currencies.

For example, $100 USD is equal to around 1,880 TL. 100 euros converts to about 1,990 lira.

When traveling to Turkey, it can be useful to have a general sense of prices converted into your home currency. Here are some approximate costs in lira:

• Hotel room – 400 TL per night
• Restaurant meal – 80 TL
• Museum admission – 40 TL
• 1 liter of gas – 18 TL

Exchange rates fluctuate regularly, so be sure to look up the latest rates when budgeting and managing money during your trip.

Using Lira in Turkey and Northern Cyprus

The Turkish lira is the only official currency used in Turkey. Businesses will not accept other foreign currencies like US dollars for payment.

Make sure to exchange or withdraw lira when visiting Turkey. Have cash on hand, as smaller shops and restaurants may not accept credit cards.

The lira is also an official currency in Northern Cyprus, along with the Northern Cypriot pound. Both are used interchangeably there.

When paying with lira, larger bills like 50 or 100 may not be accepted for small transactions. It’s helpful to keep smaller denomination notes and coins readily available.

Tips for Managing Lira

Here are some tips for working with Turkish lira:

• Carry a mix of smaller and larger bills. Shopkeepers may not have change for big notes.

• Confirm transactions and change carefully. Language barriers can cause confusion.

• Exchange only at authorized outlets like banks or exchange offices to get the best rates and avoid scams.

• Use a credit card when possible to avoid carrying excessive cash. Inform your bank of international travel plans.

• Keep lira in a secure wallet or money belt. Petty theft does occur in crowded tourist areas.

• Check prices listed in lira versus displays in Euros. Some shops catering to tourists may inflate the Euro price.

The Turkish Lira’s Ongoing Challenges

While the Turkish lira has made some recoveries, it continues to face high inflation and loss of confidence under the unorthodox economic policies of President Erdoğan.

Unless the central bank asserts independence and takes stronger actions to control inflation, the lira faces ongoing instability and fluctuations relative to hard currencies like the dollar and euro.

For travelers, this means extra precautions should be taken. Carefully monitor exchange rates, budget accordingly and limit lira held to reasonable amounts for the duration of your visit.

The lira has a long history as Turkey’s national currency. However for now it remains prone to swings in value. Being an informed tourist means understanding this reality before exchanging your dollars and managing lira in Turkey.