Indicative Exchange Rates


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


How are the Indicative Exchange Rates Determined? 

Effective from 2 January 2015, the Central Bank determines the exchange rate of 1 US dollar to Turkish lira as follows:

  • First, hourly between 10.00 a.m. and 3.00 p.m., the Bank takes the average of the buying and selling rates of 1 USD quoted by banks at the interbank foreign exchange market. 
  • Then it takes the average of these 6 values and specifies a “mid-rate”.
  • Finally, it determines the buying and selling rates by applying a discount and premium on the mid-rate.  


What are the Hours for the Calculation of Exchange Rate Averages?

  • 10.00 a.m. : 1st Average
  • 11.00 a.m. : 2nd Average
  • 12.00 p.m. : 3rd Average
  • 1.00 p.m. :   4th Average
  • 2.00 p.m. :   5th Average
  • 3.00 p.m. :   6th Average

Similarly, the arithmetic average of the cross rates for other currencies observed between 10.00 a.m. and 3.00 p.m. are calculated. This arithmetic average is then applied on the mid-rate for the USD and thus, the mid-rates for the respective currencies are determined. The buying and selling rates for these currencies are also calculated by applying discounts and premiums on their mid-rates.

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.


When are the Indicative Exchange Rates Announced? 

The averages calculated at the hours given above and the resulting mid-rate, as well as the USD/EUR cross rates are posted on the “Markets Data” page of the CBRT website on the following business day.

The CBRT’s indicative foreign exchange and banknotes buying and selling rates determined every business day are posted on the CBRT website at 3.30 p.m. the same day, and published in the Official Gazette on the following day.

These indicative rates are not binding on any person or institution, but can be used by the Central Bank in cashier’s and certain accounting transactions on the following business day. Any decisions on the exchange rate to be used in transactions between real and legal persons other than the Central Bank are at the discretion of these persons.

On public holidays, weekends and half working-days, indicative rates are not determined.


Informative Exchange Rates That Are Not Subject to Transaction

The Central Bank also deals with certain foreign currencies which are not traded and accordingly whose indicative Turkish lira equivalents are not specified. The Turkish lira equivalents of such currencies are calculated and posted on the CBRT website on a daily basis.