In Spain, the letter Y is pronounced like the English Y in "yes."*
The only exception is when it’s the word y, meaning "and," when it’s pronounced "ee."
Please note that this explanation is only a guideline for the Spanish that I know, which is Castilian Spanish. There are many regional variations in Spanish pronunciation.
* In some areas of Latin America, y is pronounced similarly to the "zh" sound at the end of "massage."
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