TRY information
About the Turkish Lira (TRY)
What Is the Turkish Lira (TRY)?
The Turkish Lira, represented by the symbol ₺ and the ISO code TRY, is the official currency of Turkey and Northern Cyprus. It is divided into 100 smaller units called kuruş. The lira, which has a rich history dating back to the Ottoman Empire, has undergone significant transformations over the years.
The Turkish Lira is issued by the Central Bank of the Republic of Turkey, which is the country's central bank. It is responsible for regulating and issuing the Turkish Lira as the official currency of Turkey. The Central Bank of Turkey is also responsible for monetary policy and maintaining the stability of the Turkish Lira in the financial markets.
What Is the History of TRY?
The lira's roots can be traced back to the ancient Roman unit of weight, the libra. The Ottoman lira was introduced in 1844, replacing the kuruş as the main unit of account. The first Turkish lira was introduced in 1923. Over the years, the lira experienced various pegs to foreign currencies, including the sterling and the franc, and later the US dollar. However, due to persistent devaluation, the lira's value fell drastically, leading to its ranking as the world's least valuable currency in certain years. In 2005, a significant revaluation occurred with the introduction of the new Turkish lira, which removed six zeros from the old currency. This change aimed to stabilize the currency and simplify financial transactions.
Notes and Coins of TRY
The coin denominations include 1, 5, 10, 25, and 50 kuruş, as well as the 1 lira coin. Each coin showcases distinct Turkish symbols and landmarks, such as the snowdrop on the 1 kuruş and the Bosphorus Bridge on the 50 kuruş. The banknotes, on the other hand, come in denominations of 5, 10, 20, 50, 100, and 200 liras. They are adorned with portraits of prominent Turkish figures, including Mustafa Kemal Atatürk.
Economic Challenges and Currency Crisis
The Turkish lira has faced significant challenges, particularly since 2018. Factors such as political influence on monetary policy, unorthodox banking methods, and external economic pressures have led to rapid inflation and depreciation of the lira. Despite attempts to stabilize the currency, including interest rate adjustments, the lira has continued to struggle, experiencing record lows against major currencies like the US dollar.
Is TRY A Stable Currency?
The Turkish Lira has been facing significant instability, marked by a notable depreciation against major currencies and high inflation rates. The lira's volatility is largely attributed to unconventional economic policies and political influence on monetary decisions. For instance, the lira experienced a dramatic decline in value, with inflation soaring to over 80% in 2022, as reported by various financial sources. This economic turbulence has been further exacerbated by global economic pressures and geopolitical factors. The currency's rapid devaluation was highlighted by its steep fall against the US Dollar, where it lost over 400% of its value since 2008.
Is TRY Pegged to Other Currencies?
The Turkish Lira (TRY) is not pegged to any specific foreign currency. Historically, Turkey has used various exchange rate regimes, including fixed pegs to foreign currencies, such as the US Dollar, in the past. However, the country transitioned to a more flexible exchange rate regime, which allows the lira's value to be determined by supply and demand in the foreign exchange market.
This move towards a floating exchange rate system occurred after the 2001 economic crisis in Turkey, which led to a major devaluation of the currency. Since then, the Turkish government has generally allowed the lira to float freely, with occasional interventions in the foreign exchange market to stabilize extreme fluctuations.
SPACE to TRY conversion rate trend
Conversion rate comparison of various exchanges
Exchange | Price | Maker / Taker Fee | Tradable |
---|---|---|---|
BitgetBest | ₺0 | 0.0200% / 0.0320%VIP 7 |
How to buy Spacelens
Buy SPACE (or USDT) for TRY (Turkish Lira) offers
Merchants (trades/completion rate) | Price | Amount/limit Low to high | Payment methods | Zero fees Action |
---|---|---|---|---|
T TRY Flashsale 23 trades|Completion rate 100.00% | 29.99 TRY | Amount289.26 USDT Limit800 - 1450 TRY | ||
e ethoo 44 trades|Completion rate 100.00% | 33.9 TRY | Amount2364.1 USDT Limit10000 - 76000 TRY | ||
D DEMIR DOVIZ 48 trades|Completion rate 100.00% | 33.9 TRY | Amount6319.77 USDT Limit10000 - 200000 TRY | ||
b baha006 37 trades|Completion rate 100.00% | 33.95 TRY | Amount311.96 USDT Limit1250 - 10591 TRY | ||
T THOR-{SATIS}- 865 trades|Completion rate 100.00% | 34.25 TRY | Amount1285.37 USDT Limit500 - 15000 TRY |
Sell SPACE (or USDT) for TRY (Turkish Lira) offers
Merchants (trades/completion rate) | Price | Amount/limit High to low | Payment methods | Zero fees Action |
---|---|---|---|---|
B BGUSER-T464SAF6 14 trades|Completion rate 93.00% | 32.97 TRY | Amount665 USDT Limit20500 - 21845.25 TRY | ||
T TurkeyExchange 14 trades|Completion rate 93.00% | 32.87 TRY | Amount91198.47 USDT Limit5000 - 110000 TRY | ||
O OBD-Coin 47 trades|Completion rate 80.00% | 32.86 TRY | Amount2400 USDT Limit5000 - 50000 TRY | ||
S SEEZCRYPTO 1 trades|Completion rate 100.00% | 32.85 TRY | Amount98100 USDT Limit50000 - 2000000 TRY | ||
D DEMIR DOVIZ 48 trades|Completion rate 100.00% | 32.75 TRY | Amount80108.03 USDT Limit10000 - 950000 TRY |
What factors influence the conversion rate of Spacelens to Turkish Lira?
Spacelens to Turkish Lira is rising this week.Conversion tables
The exchange rate of Spacelens is increasing.SPACE to TRY
TRY to SPACE
Today vs. 24 hours ago
Amount | 19:33 today | 24 hours ago | 24h change |
---|---|---|---|
0.5 SPACE | $0.00 | $0.{7}3208 | -0.01% |
1 SPACE | $0.00 | $0.{7}6416 | -0.01% |
5 SPACE | $0.00 | $0.{6}3208 | -0.01% |
10 SPACE | $0.00 | $0.{6}6416 | -0.01% |
50 SPACE | $0.00 | $0.{5}3208 | -0.01% |
100 SPACE | $0.00 | $0.{5}6416 | -0.01% |
500 SPACE | $0.00 | $0.{4}3208 | -0.01% |
1000 SPACE | $0.00 | $0.{4}6416 | -0.01% |
Today vs. 1 month ago
Amount | 19:33 today | 1 month ago | 1M change |
---|---|---|---|
0.5 SPACE | $0.00 | $-0.{4}6511 | +31.76% |
1 SPACE | $0.00 | $-0.0001302 | +31.76% |
5 SPACE | $0.00 | $-0.0006511 | +31.76% |
10 SPACE | $0.00 | $-0.001302 | +31.76% |
50 SPACE | $0.00 | $-0.006511 | +31.76% |
100 SPACE | $0.00 | $-0.01302 | +31.76% |
500 SPACE | $0.00 | $-0.06511 | +31.76% |
1000 SPACE | $0.00 | $-0.1302 | +31.76% |
Today vs. 1 year ago
Amount | 19:33 today | 1 year ago | 1Y change |
---|---|---|---|
0.5 SPACE | $0.00 | $0.{4}8343 | -23.60% |
1 SPACE | $0.00 | $0.0001669 | -23.60% |
5 SPACE | $0.00 | $0.0008343 | -23.60% |
10 SPACE | $0.00 | $0.001669 | -23.60% |
50 SPACE | $0.00 | $0.008343 | -23.60% |
100 SPACE | $0.00 | $0.01669 | -23.60% |
500 SPACE | $0.00 | $0.08343 | -23.60% |
1000 SPACE | $0.00 | $0.1669 | -23.60% |
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