Sunday, September 6, 2026 - The Turkish Lira has lost roughly 82% of its value against the US Dollar since mid-2021, suffering under aggressive rate cuts and an erosion of policy credibility. Inflation remains deeply entrenched in rents, wages, administered prices and contracts, despite headline CPI easing to 31.7%, while core inflation stays elevated. Experts expect Turkey to permit faster Lira depreciation and maintain a tight yet volatile monetary policy plan.
| 1 $ = | Start | 10/09/2026 | Change | |
| Last 24 hours | 49.213 ₺ | ⇨ | 49.341 ₺ | +0.26% |
| Last week | 49.14 ₺ | ⇨ | 49.341 ₺ | +0.41% |
| Last month | 48.475 ₺ | ⇨ | 49.341 ₺ | +1.79% |
| Last year | 41.72 ₺ | ⇨ | 49.341 ₺ | +18.27% |
| Currency | 10/02/2026 | 10/09/2026 | Change | |
| Iraqi Dinar (IQD) | 1,309.8 ID | ⇨ | 1,514.8 ID | +15.65% |
| Ugandan Shilling (UGX) | 3,989.6 USh | ⇨ | 4,088.7 USh | +2.49% |
| Seychellois Rupee (SCR) | 13.763 SR | ⇨ | 13.989 SR | +1.64% |
| Russian Ruble (RUB) | 83.8 руб | ⇨ | 85.097 руб | +1.55% |
| Dominican Peso (DOP) | 59.697 RD$ | ⇨ | 60.603 RD$ | +1.52% |
| Chilean Peso (CLP) | 992.45 $ | ⇨ | 978.05 $ | -1.45% |
| Colombian Peso (COP) | 3,268.2 $ | ⇨ | 3,203.6 $ | -1.98% |
| Afghan Afghani (AFN) | 66 Af | ⇨ | 64.501 Af | -2.27% |
| Paraguayan Guaraní (PYG) | 5,849.6 ₲ | ⇨ | 5,687.4 ₲ | -2.77% |
| Brazilian Real (BRL) | 5.2207 R$ | ⇨ | 4.9907 R$ | -4.41% |
| See also: 24h, monthly and yearly currency moves | ||||
| Currency name | Turkish Lira |
| Symbol | ₺ |
| Also known as | TRY, Turkish Lira, ₺1 = 100 kuruş |
| ISO code | TRY |
| Banknotes | ₺5, ₺10, ₺20, ₺50, ₺100, ₺200 |
| Coins | 1, 5, 10, 25, 50 kuruş; ₺1 |
| Central bank | Central Bank of the Republic of Türkiye (CBRT) - Website: www.tcmb.gov.tr |
| Countries | 1 country: Turkey/Türkiye (capital: Ankara, major cities: Istanbul, Ankara, Izmir, Bursa, Adana) |
| Population | 84 mil. |
History
The Turkish lira's roots trace back to the Ottoman period, when the currency of the Ottoman Empire shared its name — lira — with many European currencies derived from the Latin libra. The Ottoman lira was introduced in 1844 as part of the Tanzimat modernisation reforms. Like other currencies of the era it was tied to gold and silver.
When the Republic of Turkey was established in 1923, the Turkish lira replaced the Ottoman lira at parity. For much of the 20th century, chronic fiscal deficits, political instability, and import-substitution policies caused persistent inflation. The lira lost value against the dollar decade after decade, a trend that accelerated sharply from the 1970s onward.
By the 1990s and early 2000s, inflation had reached triple digits and the lira had depreciated so severely that everyday transactions required millions of lira. A bold monetary reform in January 2005 redenominated the currency: the new Turkish lira (YTL) replaced the old at 1,000,000 to 1. The word "new" was dropped in 2009.
Following a serious banking and currency crisis in 2001, Turkey adopted an IMF-backed reform programme and achieved relative monetary stability through the mid-2000s. However, renewed political pressure on the central bank and unconventional interest rate policies from 2018 onward triggered another severe depreciation. By 2023, the lira had lost over 90% of its value compared to 2018 levels. The Central Bank of the Republic of Turkey manages monetary policy.
Sources:
"Turkish lira", Wikipedia, https://en.wikipedia.org/wiki/Turkish_lira
"2021 Turkish currency and debt crisis", Wikipedia, https://en.wikipedia.org/wiki/2021_Turkish_currency_and_debt_crisis