In mid-2018, the Turkish lira experienced high volatility of exchange rates with major currencies such as the US dollar, euro, UK sterling and Japanese yen.
On January 1, 2018, the rate of exchange was USD 1.00 = TRY 3.79. On August 13, 2018 it was USD 1.00 = TRY 6.96—a decline in the value of the Turkish currency of 46%.
This is a benefit for travelers to Turkey who exchange these major currencies for Turkish liras. Expenses such as transport tickets, meals, souvenirs, and some other items may be substantially cheaper, though items priced in the major currencies (international airfares, car hire/rental, some hotels, etc.) may not change.
However, this decline in the value of the lira presents substantial difficulties for the Turkish economy.
What’s your money worth in Turkish Liras (₺, TL or TRY) now? Use the currency exchange converter to find out the current foreign exchange rate for the Turkish Lira before you reach Istanbul.
Here are other important money matters:
—What it costs to travel in Turkey
—How to use credit cards in Turkey
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