döviz

Döviz is the Turkish term for foreign currencies and the activities associated with exchanging them. It encompasses cash currencies, deposits, and financial instruments used to convert between Turkish lira (TL) and other currencies, as well as trading in foreign exchange derivatives and related products.

In Turkey, Döviz operations are overseen by multiple institutions. The Central Bank of the Republic of Turkey (CBRT) conducts monetary policy, manages foreign exchange reserves, and can intervene in FX markets to influence liquidity and volatility. Banks, exchange offices (döviz büroları) and other financial institutions execute Döviz transactions, under the supervision of the Banking Regulation and Supervision Agency (BDDK). For markets in securities and derivatives, oversight is provided by the Capital Markets Board (SPK).

Rates are determined by the market and are published daily by the CBRT as reference rates, with actual rates quoted by banks and exchange offices. The Turkish government maintains a flexible exchange rate regime, and the central bank may intervene to reduce excessive volatility.

Common participants include individuals traveling or sending remittances, exporters and importers, and investors seeking hedging. Transactions can be conducted in cash, by bank transfer, or through electronic platforms, and involve commissions and spreads that vary by venue and instrument. FX risk management tools include forwards, futures, options, and swaps used by businesses and financial institutions.

Döviz plays a central role in Turkey’s economy, influencing inflation, trade competitiveness and monetary policy. Exchange rate movements affect prices, debt servicing, and capital flows, making Döviz management a long-standing aspect of Turkish financial and economic activity.