Turks Skip Banks, Head to Ancient Bazaar to Dump Their Liras

A parallel exchange rate emerges at Istanbul’s Grand Bazaar
Firms, individuals are paying a premium to skirt restrictions

The Grand Bazaar in Istanbul, Turkey.Photographer: Nicole Tung/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Kerim Karakaya, Beril Akman, and Tugce Ozsoy

April 19, 2023 at 1:21 PM UTC

Updated on

April 20, 2023 at 9:24 AM UTC

This article is for subscribers only.

Sign up for our Middle East newsletter and follow us @middleeast for news on the region.

Turkey’s tightened grip over financial markets has put Istanbul’s 15th-century Grand Bazaar back at the center of the nation’s commercial activity, as one of history’s first shopping malls becomes a refuge for modern currency traders seeking to escape the reach of President Recep Tayyip Erdogan’s government.