Turkey

TRY - Turkish Lira
Convertible: Yes - Transferable: Yes - Exchange rate regime: Floating
Turkish Lira iBanFirst

Types of transaction

FX Spot FX Forward
Delivery date: T+1; T+2 Maximum maturity: 24 months
Liquidity: Good Liquidity: Good

EUR/TRY parity: liquidity schedules (GMT)

Did you know?

Monetary policy

  • The Türkiye Cumhuriyet Merkez Bankası (TCMB) is the central bank of Turkey: its main objective is to maintain price stability. In addition, it also supports the economic policy pursued by the Turkish Government.
  • Price setting method: the floating exchange rate regime is referred to as "supervised". Indeed, the TCMB reserves the right to intervene on the foreign exchange market in case of excessive volatility of the Turkish currency.

Features and highlights

  • Turkey abandoned the fixed exchange rate regime in 2001, allowing its currency to fluctuate in the foreign exchange market.

Regulations

  • There are no specific restrictions on the purchase and sale of TRY.

Expert opinion

  • The TRY is one of the most liquid of the so-called emerging currencies, and is often used as an indicator of traders' appetite for risk.
  • The Turkish currency is relatively volatile, and has thus experienced periods of sharp decline in recent years: the value of the EUR/TRY has more than doubled since 2013.

Payments in TRY to Turkey

The IBAN format is mandatory. Payment instructions must contain:

  • The SWIFT Code of the beneficiary bank.
  • The full name, address and IBAN of the beneficiary.
Public holidays 2018 (subject to change)
New Year's Day January 1st Ramazan Feast June 15th-18th
National Sovereignty Day April 23rd Sacrifice Feast August 22nd-27th
Labour Day April 2nd Victory Day August 30th
Commemoration of Ataturk May 19th