Turkey Foreign Exchange Market to Hit USD 24.68 Billion by 2033 with a Robust CAGR of 8.23%

Market Overview

The Turkey foreign exchange market size reached USD 11.19 Billion in 2024. It is projected to grow to USD 24.68 Billion by 2033, exhibiting a compound annual growth rate (CAGR) of 8.23% during the forecast period 2025-2033. Supported by steady inflows from tourism, non-tourism services, and rapidly growing e-commerce exports, these sectors generate recurring hard currency income, strengthen central bank reserves, and enhance market liquidity.

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Study Assumption Years

Base Year: 2024
Historical Years: 2019-2024
Forecast Period: 2025-2033

Turkey Foreign Exchange Market Key Takeaways

Current Market Size: USD 11.19 Billion (2024)
CAGR: 8.23%
Forecast Period: 2025-2033
Turkey is the fourth most visited destination globally, attracting 56.7 million international tourists in 2024, significantly contributing to foreign currency inflows.
Robust tourism and services sectors create a services surplus that supports balance of payments and central bank reserves.
Growth in e-commerce exports, with the market size reaching USD 235.1 Billion in 2024 and projected to reach USD 1,774.5 Billion by 2033, drives foreign exchange market expansion.
Digital payment platforms facilitate international trade participation for SMEs, broadening foreign currency sources.
The market segmentation covers counterparties (reporting dealers, other financial institutions, and non-financial customers) and types (currency swaps, outright forward and FX swaps, FX options).

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Market Growth Factors

The Turkey foreign exchange market is significantly bolstered by strong tourism revenues and a services surplus. In 2024, Turkey ranked as the fourth most visited destination worldwide, attracting 56.7 million international tourists, according to the United Nations World Tourism Organization's May 2025 World Tourism Barometer. These visitors contribute substantial foreign spending, which escalates demand for the Turkish lira, particularly during peak travel seasons. This influx helps maintain the services surplus, supports the balance of payments, and alleviates pressure on foreign currency reserves. The steady inflows strengthen central bank buffers and give monetary authorities enhanced flexibility in managing exchange rate fluctuations.

Beyond tourism, other service sectors such as logistics, construction, and information technology generate recurring foreign currency inflows by securing international contracts, increasing foreign exchange market stability. Government initiatives positioning Turkey as a regional service hub expand market access across emerging and developed economies. Combined, these sectors provide a dependable foundation for foreign exchange market liquidity throughout the year, minimizing reliance on volatile capital flows.

The rapid rise of e-commerce exports is another critical growth driver. Turkey's e-commerce market was valued at USD 235.1 Billion in 2024, and IMARC Group forecasts growth to USD 1,774.5 Billion by 2033, at a CAGR of 25.18% between 2025 and 2033. This expansion enables new exporters, particularly SMEs, to reach global markets through digital platforms where transactions are conducted mainly in euros, dollars, or sterling. The proliferation of secure digital payment gateways and fintech applications streamlines currency conversion and repatriation processes, increasing transparency and speeding transactions. This fosters greater participation beyond large corporations, diversifying Turkey's sources of foreign currency and reinforcing market liquidity while reducing dependence on informal exchange channels.

Market Segmentation

Counterparty Insights:
Reporting Dealers: Entities involved in official foreign exchange transactions.
Other Financial Institutions: Banks and non-bank financial entities participating in FX trading.
Non-financial Customers: Corporate and individual clients engaging in foreign exchange activities.
Type Insights:
Currency Swap: Agreements to exchange currencies between counterparties for a specified period.
Outright Forward and FX Swaps: Contracts for future exchange of currencies at predetermined rates.
FX Options: Contracts providing the right but not obligation to exchange currency at a set rate.

Regional Insights

The Turkey foreign exchange market includes key regions such as Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Black Sea, and Eastern Anatolia. The report does not specify the dominant region or provide detailed regional market shares or CAGRs. Thus, specific regional dominance and statistics are not provided in the source.

Recent Developments & News

In May 2025, Turkey increased the FX conversion support rate from 2% to 3% for businesses converting foreign currency into Turkish lira, effective May 1 to July 31, 2025. Eligible companies must commit not to repurchase foreign exchange beyond what they sold, with penalties and a one-year ban from Central Bank loans for violators. In March 2025, the Turkish Central Bank initiated Turkish lira-settled foreign exchange forward selling transactions aimed at stabilizing the FX market, preventing currency volatility, ensuring steady liquidity, and boosting market confidence.

Key Players

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Customization Note

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IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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