The currency of Turkey is the Turkish lira, abbreviated TRY and written with the symbol ₺. It is the only legal tender across the country, issued and managed by the Central Bank of the Republic of Turkey. Whether you are shopping in Istanbul's Grand Bazaar, buying a ferry ticket across the Bosphorus, or paying for a hotel in Antalya, prices are quoted in lira. The lira is divided into 100 smaller units called kuruş, although coins of very small value are rarely used in everyday transactions today.
The Turkish Lira at a Glance
The lira's name traces back to the Latin word libra, meaning a pound or unit of weight — the same root that gave English the pound and Italy its former lira. Turkey adopted the lira in 1923, the year the modern Republic was founded under Mustafa Kemal Atatürk, replacing the Ottoman kuruş and gold-based system that came before it.
- Official name: Turkish lira (Türk lirası)
- ISO currency code: TRY
- Symbol: ₺ (adopted in 2012)
- Subunit: kuruş (1 lira = 100 kuruş)
- Issuing authority: Central Bank of the Republic of Turkey
The ₺ symbol was the winner of a national design competition held in 2012, intended to give the lira an instantly recognizable mark on par with the dollar, euro, and pound. Its anchor-like shape is meant to suggest a currency that is a "safe harbour."
The Famous 2005 Redenomination
The Turkish lira has one of the most dramatic modern currency histories of any nation. Through the 1980s and 1990s, chronic high inflation eroded the lira's value to an extraordinary degree. By 2004, a single US dollar was worth roughly 1.5 million lira, and prices for ordinary goods ran into the millions. Turkey even held the record for the highest-denomination banknote in circulation at the time — a 20 million lira note.
To restore confidence and simplify daily life, Turkey carried out a sweeping redenomination on 1 January 2005. Six zeros were removed, so that 1 "new Turkish lira" equalled 1,000,000 old lira. It was one of the largest currency redenominations in history. For a transitional period the money was branded the Yeni Türk Lirası (New Turkish Lira), before the word "new" was quietly dropped in 2009 and the currency simply returned to being the Turkish lira.
Banknotes and Coins
Turkey issues banknotes in denominations of ₺5, ₺10, ₺20, ₺50, ₺100, and ₺200, each printed in a distinct dominant colour to make them easy to tell apart. The ₺200 note, the highest denomination, was introduced as the value of the currency declined, and a new ₺500 note has been discussed as inflation continues.
- ₺200 — typically green-toned, the largest note
- ₺100 — blue
- ₺50 — orange
- ₺20 — green
- ₺10 — red and purple tones
- ₺5 — brown, the smallest note
Every banknote carries a portrait of Atatürk, the founder of the Republic, on the front. The reverse sides honour notable Turkish figures from science, architecture, literature, and the arts, including the poet Fazıl Hüsnü Dağlarca, the novelist Fatma Aliye, and the architect Mimar Kemaleddin. Coins circulate in 1, 5, 10, 25, and 50 kuruş, plus a ₺1 coin.
Using Money as a Traveller
Turkey operates on a mix of card and cash. In Istanbul, Ankara, İzmir, and major resort towns, credit and debit cards are widely accepted in hotels, restaurants, and larger shops. Once you reach smaller towns, village markets, and traditional bazaars, cash becomes essential — and it is also where polite haggling is expected. ATMs are plentiful in cities and dispense lira directly.
For exchanging foreign currency, dedicated exchange offices (look for the word döviz) and PTT post-office branches usually offer better rates than airport counters, which tend to charge a premium. Because the lira's exchange rate can move quickly, it is wise to check the current rate before you travel and to exchange smaller amounts at a time rather than converting a large sum up front. Some tourist-facing businesses will quote prices in euros or dollars, but you are almost always free to pay in lira.
A Currency Still in Motion
Although the 2005 redenomination stabilised the lira for a time, the currency has experienced renewed and significant depreciation since around 2018, driven by high inflation and shifting monetary policy. This makes Turkey relatively affordable for visitors holding stronger foreign currencies, but it also means quoted prices and exchange rates change faster than in most countries. For more on the nation behind the money, see our turkey country guide.
Frequently Asked Questions
What is the currency of Turkey called?
It is the Turkish lira, with the international code TRY and the symbol ₺. One lira is divided into 100 kuruş, though small kuruş coins see little everyday use.
Does Turkey use the euro?
No. Turkey is not part of the European Union or the eurozone, so the official and only legal currency is the Turkish lira. Some hotels and tourist shops may accept euros or dollars informally, but change will usually be given in lira.
Why did Turkey remove six zeros from its currency?
Decades of very high inflation had pushed prices into the millions, making accounting and daily payments cumbersome. The 2005 redenomination knocked off six zeros to restore confidence and simplify transactions, setting 1 new lira equal to 1,000,000 old lira.
Should I bring cash or use cards in Turkey?
Both. Cards work well in cities and tourist areas, while cash in lira is important for small towns, markets, taxis, and bazaars. ATMs are easy to find, and exchange offices or PTT branches generally give better rates than the airport.