Turkish Lira price today

The Turkish lira price is a familiar rate for Iranians; Turkey is a neighbor that is a popular destination for travel and shopping, a route for study and residence for many families, and an important trading partner of Iran. On this page you can see the live price of the lira in Tehran's open market in Toman, and below we explain the lira's history, why its Toman rate behaves differently from the dollar and the euro, and what to keep in mind when buying lira.

The Turkish lira: a currency with a history of high inflation

The Turkish lira (TRY) is the official currency of the Republic of Turkey, and each lira is divided into 100 kuruş. Its monetary policy is set by the Central Bank of the Republic of Turkey (TCMB) , headquartered in Ankara.

Turkey experienced very high inflation in the 1980s and 1990s, and the lira lost so much value that banknotes with face values in the millions became common. In 2005, Turkey removed six zeros from its national currency; that is, one million old lira became one "new lira". From 2009, the "new" suffix was dropped and the currency's name went back to the Turkish lira. For Iranians who have followed the debate over removing zeros from the rial, this is a familiar example.

In recent years, the lira has also gone through periods of sharp depreciation, including the 2018 currency crisis and late 2021, when the Turkish central bank cut interest rates despite high inflation. For this reason, the lira is listed among the volatile emerging-market currencies.

What is the lira used for by Iranians?

• Travel and shopping: Istanbul, Antalya, Van and other Turkish cities are among the closest and most popular foreign destinations for Iranians. Iranians usually do not need a visa for short trips to Turkey, which has made travel easier.
• Study and residence: Turkish universities, especially with costs lower than in Europe, are a destination for many Iranian students. Rent and living costs in Turkey are paid in lira.
• Buying property and registering a company: Some Iranians have bought property or started businesses in Turkey, although large property deals in Turkey are often also priced in dollars or euros.
• Border trade: Iran and Turkey share a long land border and significant trade in goods, and Iran exports gas to Turkey via pipeline.

How is the lira's Toman rate formed?

The lira price in Tehran is roughly equal to the price of the open-market dollar divided by the global US dollar to Turkish lira (USD/TRY)rate. In the USD/TRY pair, the dollar is the base currency and the figure shows how many lira one dollar is worth; so the higher this number goes, the weaker the lira has become.

The interesting thing about the lira is that both the rial and the lira have lost value against the dollar over the long term. As a result, the lira's Toman rate sometimes moves contrary to expectations:

That is why, if the dollar has risen in Tehran over a period but the lira price has barely changed, the reason is usually a simultaneous weakening of the lira in the global market.

To read the lira price on this page correctly, note that the rates are in Toman per one lira. Because each lira is worth little against the dollar, its Toman changes look small; for a fair comparison with the dollar or the euro, look at the percentage change, not the Toman figure. Also open the candlestick chart at the top of the page on the weekly or monthly timeframe to see the combined effect of the rial and lira weakening in the long-term trend.

Factors affecting the lira price

1. Turkey's inflation and monetary policy

The most important factor in the lira's global value is the gap between Turkey's inflation and its central bank's interest rate. When the real interest rate (interest rate minus inflation) is negative, holding lira is less attractive and selling pressure on it rises. Shifts in the Turkish central bank's approach and its independence in the eyes of the market have a big effect on the lira. Compare interest rates on the global interest rates page.

2. Current account deficit and foreign debt

Turkey is a major energy importer, and part of its companies' debt is in foreign currency. Rising oil and gas prices or tighter global financing conditions usually put the lira under pressure.

3. Domestic factors in Iran

Inflation, sanctions and Iran's foreign-currency income determine the rial's value against all currencies and are passed on to the lira through the dollar.

4. Seasonal demand

Around Nowruz and the summer holidays, demand for travel to Turkey rises and may widen the gap between the lira rate at exchange offices and the calculated rate.

Follow the timing of Turkey's interest rate decisions and inflation releases in the Teagle economic calendar .

Tips for buying and holding lira

• Understand the double risk of holding lira: Because of Turkey's history of high inflation, holding lira long term to preserve value usually carries a double risk: both rial risk and lira risk.
• Buy only what you need: For travel, many travelers take part of their money in dollars or euros and convert it to lira in Turkey; Turkish exchange offices convert these currencies easily.
• Ask for the buy and sell rates: The gap between these two rates for the lira, relative to its value, is usually wider than for the dollar.
• Buy from a licensed exchange office: Buying and selling currency is subject to the regulations of the Central Bank of Iran.

The lira in global markets

The USD/TRY pair is also traded at forex brokers, but due to sharp volatility, high spreads and significant holding costs (swap), it is not suitable for beginner traders. The large interest rate gap between Turkey and the dollar makes the swap on this symbol very heavy in one direction; check it before trading with the trading calculator , and before choosing a broker, read the forex broker reviews .

To compare the lira with other currencies in the region, also see the UAE dirham price, euro price and Chinese yuan price , and follow the full list of rates in the Iran market currency section .

The information on this page is for informational purposes only and is not a recommendation to buy or sell. Prices are obtained from the stated sources and may differ slightly from the rate at your local exchange office.