Turkish Lira (TRY)

Turkey — Central Bank of the Republic of Turkey

Turkish lira — high-inflation EM currency with a long history of rapid depreciation and unconventional policy.

FX Session:
London
TRY/USD
0.02194
TRY/USD Exchange Rate
Economic Indicators

No indicator data available.

Central Bank of the Republic of Turkey Press Releases

No press releases available.

CFTC Commitment of Traders — TRY

No COT data available.

About the Turkish Lira (TRY)

The Turkish lira (TRY) is the official currency of Turkey. It has been one of the most volatile EM currencies of the past decade, marked by extreme inflation, rapid currency depreciation, and a series of unorthodox monetary policy experiments.

Central Bank of the Republic of Turkey: monetary policy framework

The Central Bank of the Republic of Turkey (CBRT) Monetary Policy Committee sets the one-week repo rate at twelve monthly meetings per year. After a period of unconventional easing, the CBRT has been pursuing a return to orthodox inflation-targeting since 2023.

What moves the TRY?

  • CBRT one-week repo rate and policy guidance.
  • Turkey CPI and core CPI (CBRT's preferred 'C' measures).
  • Real interest rate (policy rate minus inflation) — a key credibility gauge.
  • FX reserves and CBRT intervention activity.
  • Current-account deficit and external financing needs.
  • Geopolitical risk and regional security developments.

Key data and events to watch

  • CBRT monthly policy decision and inflation report.
  • Turkey monthly CPI release.
  • CBRT FX reserves (gross and net).
  • Trade balance and tourism inflows.
  • USD/TRY spot and TRY-denominated bond yields.

Frequently asked questions about the Turkish Lira

Why has the Turkish lira lost so much value?
TRY's depreciation reflects persistently high inflation, periods of deeply negative real interest rates, a structural current-account deficit, geopolitical risk premia, and policy choices that prioritised growth over FX stability for several years.
What is the CBRT's current policy framework?
Since mid-2023 the CBRT has been transitioning back to orthodox inflation-targeting, with a stated commitment to maintain a tight monetary stance until disinflation is firmly established and inflation expectations re-anchor.
Is the Turkish lira freely convertible?
Yes, TRY is generally convertible, though Turkish authorities have introduced various measures over time — including FX-protected deposit schemes (KKM) — to manage residents' demand for hard currency.
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