Determining the Indicative Exchange Rates

Determining the Indicative Exchange Rates

The indicative exchange rates, announced by the CBRT at 15:30 on each business day, are determined by the following method.

Rules for Determining the Indicative Exchange Rates:

Effective from 2 January 2015, in order to determine the indicative exchange rates, the CBRT takes 6 observations between 10.00 and 15.00 at the exact times specified below and takes the average value of the averages of the buying and selling rates of 1 USD  quoted by banks at the interbank foreign exchange market . The arithmetic average of the 6 observed values thus obtained shall be the CBRT’s “mid-rate”. The buying and selling rates of 1 USD is calculated by applying a preset discount and premium on the mid-rate.

Observation Times

10.00  1st average
11.00  2nd average
12.00  3rd average                                     
13.00  4th average                                     
14.00  5th average                                     
15.00  6th average

Similarly, the respective cross rates of the currencies for which the CBRT announces indicative exchange rates are collected at the exact times shown in the above table and their average values are used in calculating the mid-rates for the respective currencies. Using the same method, the buying and selling rates for these currencies are calculated by applying the preset discounts and premiums on the mid-rates.

For the sake of transparency and for the purpose of informing the public, the 6 averages determined in the manner explained above, as well as the USD/EUR cross rates are posted in the “Markets Data” section of the CBRT website on the following day.

The indicative foreign exchange rates determined by using the method explained above are posted on the CBRT’s website at 15:30 and published in the Official Gazette of the Republic of Turkey on the following day.

These indicative rates are not binding any person or institution and are used by the CBRT for some cashier’s transactions and accounting purposes on the following business day.  Using these rates for transactions between real/legal persons other than the Central Bank is totally at the users’ discretion.

The indicative exchange rates are not determined on official holidays, weekends and half business days in Turkey.

Informative Exchange Rates of Selected Currencies That Are Not Subject to Transaction by the Central Bank of Turkey

The Turkish Lira equivalents of some foreign currencies which are not traded by the CBRT and thus Turkish Lira equivalents of which are not determined by the CBRT, are calculated by the CBRT and published on the CBRT website on a daily basis.

Exchange Rates

Exchange Rates after 1996
Exchange Rates after 1950
Real Effective Exchange Rates
Indicative Exchange Rates List Announced on the Last Business Day
Informative Exchange Rates of Selected Currencies That Are Not Subject to Transaction
Press Release on Informative Exchange Rates of Selected Currencies That Are Not Subject to Transaction

CENTRAL BANK OF THE REPUBLIC OF TURKEY Head Office Anafartalar Mah. İstiklal Cad. No:10 06050 Ulus Altındağ Ankara Phone : (+90 312) 507 50 00 | Fax : (+90 312) 507 56 40