Whenever a foreign-currency transaction takes place in Türkiye, two exchange rates are in play: the rate your bank applies to you, and the official rate published by the CBRT (Central Bank of Türkiye). The two are different. Both are correct. But from an audit perspective, only one is acceptable.
Why there are two rates
Banks buy and sell foreign currency for profit. They add a spread on top of the rate they obtained and sell to you. The CBRT, by contrast, publishes a neutral reference that reflects the market average — every business day at 15:30 local time.
The rate auditors accept is the one that does not include your bank's profit margin. That is the official rate published by the CBRT.
Why it matters for reconciliation
You issue a EUR invoice. Your customer pays 30 days later. On the invoice date, the CBRT rate was 35.20. On the payment date, it was 36.50. As the payment reaches your bank, the rate the bank applies is 36.30 (the bank's spread takes its cut).
What should the ledger show? Three different numbers:
- The invoice entry: at the CBRT rate on the invoice date (35.20)
- The payment entry: at the CBRT rate on the payment date (36.50)
- The bank statement: at the bank's rate (36.30)
The difference between them = FX gain/loss. If this item is not calculated correctly, a silent error keeps growing on your balance sheet. For a detailed walkthrough focused on EUR/USD: EUR/USD invoice reconciliation with the CBRT official rate.
How it's done
Doing this manually is brutal. For every invoice you have to look up the rate the CBRT published that day, enter it in the right cell, and stay consistent all year long. iFinances automates the entire job.
1. Connect. iFinances integrates with the CBRT exchange rate API. Rates are pulled automatically every business day.
2. Match. For each invoice, invoice date → CBRT rate is looked up from the table. Automatically. This process is the foundation of the three-way reconciliation model.
3. Check. The rate on the bank statement is compared against the CBRT rate. The difference = the FX difference item. Automatically.
4. Export. IFRS-compliant reporting. Audit-ready. One click.
The audit perspective
An auditor asks two questions: "Which rate did you use?" and "Why?". If the answer to the first is the CBRT, the second is easy to answer. If the answer to the first is the bank's rate, the second gets hard. For more on this discipline, see: always audit-ready reconciliation for KGK (Turkish Public Oversight Authority) audits.
Looking ahead: CBDC and digital FX
The CBRT's Digital Turkish Lira pilot is transforming foreign-currency transactions as well. Details: Digital Turkish Lira CBDC pilot 2026.
On the EU side, the MiCA + PSD3 regulations are reshaping cross-border transactions: MiCA and EU PSD3: the new rules.
Bottom line
With iFinances, every foreign-currency transaction uses the CBRT rate, automatically. Your audit trail is always clean. Explore the reconciliation module, request a demo, or review the pricing plans.
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