Turkish Lira Falls to a Record Low Against the Dollar

The Turkish lira fell to a record low against the US dollar on Tuesday, July 21, 2026, with market data showing the dollar trading at around 47.2 lira. The currency's gradual slide has continued in recent months.

At its June meeting, the Central Bank of the Republic of Turkey held its policy rate at 37% (with the overnight lending rate at 40%) for a third straight time and said this year's rate-cutting cycle has ended. The bank pointed to higher energy prices stemming from the war in the region as a factor lifting the underlying inflation trend. Turkey is a major trading partner and travel destination for Iranians, so the lira's level affects cross-border trade and Iranians' costs there.