Turkey uses the Turkish lira as its official currency. The Central Bank of the Republic of Turkey (TCMB) is responsible for issuing and regulating the country's currency. Turkish lira banknotes come in denominations of 5, 10, 20, 50, 100, and 200 lira, featuring images of significant Turkish historical figures and cultural landmarks. Coins, known as "kurus," are available in denominations of 1, 5, 10, 25, and 50 kurus, with 100 kurus equaling one lira. The 1 lira coin is also commonly used and features various national symbols and images representing Turkey's rich heritage.
Currency of Turkey: name, code, symbol
The currency of Turkey is the Turkish lira (TRY). Its code is TRY, and the symbol used for the Turkish lira is ₺.
What currency did ancient Turkey use?
In ancient times, various civilizations inhabited the region that is now Turkey, and each had its own currency. One notable civilization is the Byzantine Empire, which used the Byzantine solidus and later the hyperpyron as its currency. Before that, during the time of ancient Anatolian civilizations, various forms of local currencies and barter systems were likely in use. The specific currencies varied over time and across different regions within ancient Turkey.
When did Turkey change its currency?
Turkey has undergone currency changes multiple times in its modern history. One significant change occurred on January 1, 2005, when the Turkish lira underwent a major revaluation. At that time, the old Turkish lira (TRL) was replaced by the New Turkish lira (TRY) at a rate of 1,000,000 old lira to 1 new lira. This change aimed to address issues of hyperinflation and simplify the currency system.
Why is cryptocurrency used in Turkey?
There have been various mainstream media articles that describe crypto as a refuge from Turkey’s sky-high inflation and the steep devaluation of the lira. The falling lira is a big part of this story, but it doesn’t fully explain crypto’s local appeal. In Turkey, crypto represents a kind of freedom: from the national currency, from the government’s economic policies and even from the constraints of corporate life.
What is the best currency to take to Turkey?
The preferred currency to bring to Turkey is the local currency, the Turkish lira, as it is widely accepted throughout the country. Obtain Turkish lira from ATMs using your debit card or travel card, and note that Visa and Mastercard are widely accepted, particularly in major cities.
Does Turkey accept euros?
In tourist areas or major cities, you might come across prices displayed in euros, US dollars, or pounds. Some establishments, like hotels and restaurants, may accept euros, but in rural areas, Turkish lira is essential.
It's worth noting that using euros may incur less favorable exchange rates, as merchants often apply a markup to the mid-market rate, increasing the overall cost compared to paying in the local currency.