In money markets, the exchange rate is determined by demand. If demand for a country’s local currency increases in local or global markets, the value of the local currency rises compared to other currencies. Conversely, if demand decreases, the value decreases.

Below is a graph where you can find monthly average values obtained from the Central Bank of the Republic of Turkey (TCMB), along with annual average values.

You can see all monthly Euro/TL exchange rate values from 2005 until November 2023.