The Turkish Lira (TRY) is the official currency of Turkey. It is divided into 100 kuruş. The Central Bank of the Republic of Turkey is responsible for issuing and regulating the currency. The lira has been the official currency of Turkey since 1923.The exchange rate of TRY is determined by the Central Bank of Turkey, which generally follows a managed float. The value of the lira can fluctuate based on a variety of economic and political factors, such as inflation, interest rates, and government policies. The lira has been subject to significant depreciation in recent years, due to a combination of factors including high inflation, a large current account deficit, and political uncertainty.The Central Bank of Turkey has implemented various measures such as interest rate hikes, foreign exchange sales and other measures to support the Lira, however, these measures have only provided temporary relief and the Lira has been facing a consistent depreciation.The Turkish Lira is widely used in Turkey and also in some neighboring countries like Syria, Cyprus, and Iraq. The Turkish Lira is also used by Turkish immigrants living abroad, and it is a popular currency for remittances.It's important to note that the Turkish economy is heavily dependent on exports and tourism, so the Lira's value can be affected by the global economic situation and the political stability.
