Currency in Turkey

Turkey is a beautiful country. Located on the Bosphorus, this holiday destination attracts countless visitors year after year with its diversity and cultural history. However, there are a few things that the visitor should know before visiting. In addition to the cultural customs, it is also extremely important to familiarize yourself with the local currency, as trade is very important in Turkey.

The Turkish lira

The official national currency in Turkey is the Turkish Lira. The official ISO code is TRY, the abbreviation for this is TL. It was introduced with the currency changeover in 2005, with the old Turkish currency, the “old” Turkish Lira, being exchanged for this new currency unit. The exchange value was 1 million “old” lira for a new one, and the currency unit Kurus, which was declared invalid more than 20 years ago, was reintroduced. 100 kurus are one new lira.

The Turkish lira is issued in six different banknote denominations. 5, 10, 20, 50, 100 and 200 lira are available in banknotes. Coins are available in six different denominations, they consist of the old Kurus currency and come in denominations of 1, 5, 10, 25, 50 and a lira. The currency symbol of the lira is an anchor, which is cut with two lines on the neck.

At the time of its introduction, the “old” Turkish lira suffered from strong inflationary influences. This led to a sharp decline in value and a steady up and down trend in the Turkish economy. The rapid fluctuations did not come to an end until 2001, and in 2008 the value of the Turkish lira even rose noticeably before normalizing again a little later.

Although the lira is not linked to any other currency or precious metal rate, its value has changed again and again with the rising and falling dollar rate. This is most likely to be explained with the associated tourist development, according to which statistics show that the number of foreign visitors to Turkey has always decreased with a falling dollar exchange rate.

Currency exchange into Turkish Lira

It is definitely more sensible for visitors to Turkey to exchange their own currency for Lira on site. Particularly good rates can be obtained with the EC card or credit card at the machines in bank branches. The language of the machines can usually be changed. Important: It is advisable to check the machine for manipulation (loose parts, attachments, etc.) and to be on the lookout for overly helpful people.

Precisely because the lira is not seen as a strong currency in international comparison, Turkey is a popular destination for holidaymakers who can buy cheaper locally. If Turkey maintains its Europe-friendly course, which experts assume very strongly that the Turkish lira will be exchanged for the euro at the latest when Turkey joins the EU, which means that the price level in Turkey will adapt to the other European regions becomes.