USD/TRY Exchange Rate History
A decade of US Dollar–Turkish Lira movements, with the events that drove them.
USD/TRY 10-year snapshot
USD/TRY currently sits roughly 100% through its 10-year range — near the upper end, with the rate at decade-high levels.
The last decade in USD/TRY
USD/TRY is the most dramatic major-currency story of the last decade — the Turkish Lira has lost over 90% of its USD value since 2018, driven by unorthodox monetary policy, political pressure on central-bank independence, and chronic current-account deficits. The pair went from 4 (early 2018) to over 35 in 2025 — among the worst-performing G20 currencies on record. The 2023 policy reversal under Mehmet Şimşek brought rates to 50% to combat 70%+ inflation, partially stabilizing TRY.
Long-term trend
Catastrophic structural weakening with multiple acute crises. USD/TRY has moved nearly nine-fold over a decade — most major currencies move 20-50% over similar periods. The structural drivers: low Turkish savings rates and chronic external deficits, decades of high inflation, central-bank independence eroded under President Erdoğan's "low rates fight inflation" doctrine (2021-2023), and political crises that periodically accelerate capital flight. The 2023-2026 orthodox-policy era has stabilized but not reversed the trend.
Key events
Turkish lira crisis — first major collapse
A combination of US sanctions over the Brunson pastor case, Erdoğan's aggressive anti-IMF rhetoric, and a US ambassador expulsion drove TRY into freefall. The lira lost 40% in two months in what became known as the "Turkish crisis of 2018."
USD/TRY rose from 4.0 (April 2018) to 7.0 (August 2018) — a 75% TRY decline in four months.
COVID shock + EM outflows
Emerging-market capital outflows during the pandemic hit TRY hard. The CBRT (Turkish central bank) burned through FX reserves trying to defend the lira before giving up.
USD/TRY rose from 5.95 (early 2020) to 7.4 (March 2020); stabilized briefly before resuming the decline.
"Low rates fight inflation" doctrine peaks
President Erdoğan installed his fourth central bank governor in two years and ordered aggressive rate cuts despite inflation already at 21%. The result was a near-total collapse in TRY confidence.
USD/TRY rose from 9 (November 2021) to 18 (December 2021) in six weeks — a 100% TRY decline in 45 days.
Erdoğan re-elected; Şimşek returns
Post-election, Erdoğan reversed course and appointed Mehmet Şimşek as Finance Minister and Hafize Gaye Erkan as central bank governor. Şimşek's orthodox-policy agenda included aggressive rate hikes from 8.5% to eventually 50%.
USD/TRY rose from 19 (May 2023) to 27 (December 2023) as initial market reaction was skeptical — but stabilization began.
CBRT hikes to 50%
The Turkish central bank reached 50% policy rates — the highest among G20. The orthodox-policy commitment finally began to stabilize TRY, though inflation remained above 70% YoY through mid-2024.
USD/TRY held a 32-34 range through most of 2024, after years of relentless TRY decline.
CBRT begins cautious cuts
With inflation finally falling toward 30% and TRY stable, the CBRT began cutting from 50% to 45%. The cuts were gradual to avoid resparking TRY weakness.
USD/TRY held a 33-36 range through 2025; modest TRY weakening but nothing like the 2018-2023 collapses.
Practical takeaway
For travelers to Turkey, the lira's collapse has made Turkey one of Europe's best-value destinations — a meal that cost $20 in 2018 in TRY terms now costs $4-6 for foreign tourists. For Turkish residents, the same period has been devastating — purchasing power destruction on a generational scale. If you're sending money to Turkey, time transfers around CBRT meetings and Turkish elections; both produce volatility spikes. Many Turkish residents prefer USD or EUR deposits as inflation hedges — settling transfers in USD rather than TRY conversion is often preferred.
Convert USD to TRY now
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Frequently asked questions
Why has the Turkish Lira lost so much value?
Multiple compounding factors: TCMB ran ultra-loose monetary policy in 2021-2023 despite high inflation (rates were CUT while inflation hit 85%), political pressure on central bank independence, chronic current-account deficits, and capital flight by Turkish citizens hedging against inflation. USD/TRY went from 4 (2018) to 35+ (2025) — TRY lost over 90% of value against USD in seven years.
Is the Turkish Lira recovering?
Stabilizing, not recovering. The 2023 policy reversal under Mehmet Şimşek brought rates to 50% and brought TRY into a relatively stable 32-36 range against USD. But this stability is at 8-9x weaker levels than 2018 — there is no expectation that USD/TRY returns to single digits in the foreseeable future.
Should I hold Turkish Lira?
Generally no for savings purposes. Even with the 2023 stabilization, TRY interest rates are well below Turkish inflation — meaning real (inflation-adjusted) returns are negative for lira holders. Most Turkish savers hold USD or EUR deposits, gold, or real estate as inflation hedges. The lira is a transactional currency, not a store of value.
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