The Turkish Lira (TRY) is the official currency of Turkey and the Turkish Republic of Northern Cyprus. It is issued and managed by the Central Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası or TCMB). The Turkish Lira is abbreviated as "₺" or simply "TL."
The Turkish Lira is divided into 100 smaller units called kuruş. The currency is available in both banknotes and coins. Banknotes are issued in denominations of 5, 10, 20, 50, 100, and 200 liras, while coins are minted in denominations of 1, 5, 10, 25, and 50 kuruş, as well as 1 lira.
The value of the Turkish Lira is determined by market forces, and its exchange rate fluctuates against other currencies based on supply and demand. The Central Bank of Turkey intervenes in the foreign exchange market when necessary to maintain stability and reduce excessive volatility in the currency's value.
In recent years, the Turkish Lira has faced periods of high inflation and depreciation against other major currencies, which has impacted the country's economy and the purchasing power of its citizens. The Central Bank of Turkey has implemented various monetary policy measures to stabilize the currency and control inflation.
The Turkish Lira plays a crucial role in Turkey's economy, serving as a medium of exchange, store of value, and unit of account. Its stability and strength reflect the overall health of the Turkish economy and the effectiveness of the Central Bank's monetary policy.
It is essential for those dealing with the Turkish Lira or conducting transactions in Turkey to be aware of the exchange rate and its fluctuations, as well as any potential risks associated with currency movements.