Turkish new lira

Information about Turkish new lira

Turkish new lira
Yeni Türk Lirası (Turkish)
Enlarge picture
New lira banknotes and coins
New lira banknotes and coins
ISO 4217 CodeTRY
User(s)Turkey and the self-proclaimed Turkish Republic of Northern Cyprus
Inflation9.8% (Turkey, 2006)
9.1% (Northern Cyprus, 2004)
Source[https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook]
Subunit
1/100new kuruş
SymbolYTL
Coins''1, 5, 10, 25, 50 new kuruş, 1 new lira
Banknotes''1, 5, 10, 20, 50, 100 new lira
Central bankCentral Bank of the Republic of Turkey
Websitewww.tcmb.gov.tr


The new lira (Turkish: yeni türk lirası) is the currency of Turkey. The de facto independent state of the Turkish Republic of Northern Cyprus also uses this currency. The new lira is subdivided into 100 new kuruş (yeni kuruş). The symbol is YTL and the ISO 4217 code is TRY.

History

Enlarge picture
Turkish lira vs the euro, January 1999 to December 2004
Enlarge picture
New Turkish lira vs the euro, January 2005 to August 2007
Because of the chronic inflation experienced in Turkey from the 1970s through to the 1990s, the old lira experienced severe depreciation in value. Turkey has had high inflation rates compared to developed countries but has never suffered hyperinflation. From an average of 9 lira per U.S. dollar in the late 1960s, the currency came to trade at approximately 1.65 million lira per U.S. dollar in late 2001. This represented an average inflation of about 38% per year. Prime Minister Recep Tayyip Erdoğan had called this problem a "national shame". With the revaluation of the Turkish old lira, the Romanian leu (also revalued in July 2005) briefly became the world's least valued currency unit.
  • 1966 — 1 U.S. dollar = 9 lira (TL)
  • 1980 — 1 U.S. dollar = 90 lira (TL)
  • 1988 — 1 U.S. dollar = 1,300 lira (TL)
  • 1995 — 1 U.S. dollar = 45,000 lira (TL)
  • 1996 — 1 U.S. dollar = 107,000 lira (TL)
  • 2001 — 1 U.S. dollar = 1,650,000 lira (TL)
  • 2004 — 1 U.S. dollar = 1,350,000 lira (TL)
  • 02 October 2007 — 1 U.S. dollar = 1.19 lira (YTL)
In the last few years the Turkish lira stabilised and even rose against the U.S. dollar and the euro.

In late December 2003, the Grand National Assembly of Turkey passed a law that allowed for the removal of six zeroes from the currency, and the creation of the new lira. It was introduced on 1 January, 2005, replacing the previous lira (which remained valid in circulation until the end of 2005) at a rate of 1 new lira = 1,000,000 old lira.

The official name of the currency is "New Turkish Lira". According to the Central Bank, the word "new" (yeni) is only a "temporary" measure [1]. A news agency reported that "new" will be removed on January 1, 2009. The same source also indicated that the banknotes will have "different shapes and sizes to prevent forgery". The issuance of a new highest denomination, 200 lira, is contemplated at the same time. [2]

Coins

Economy of Turkey
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Coins were introduced in 2005 in denominations of 1, 5, 10, 25 and 50 new kuruş and 1 new lira. The 1 new kuruş is minted in brass and the 5, 10 and 25 new kuruş in cupro-nickel, whilst the 50 new kuruş and 1 new lira are bimetallic. All coins show portraits of Mustafa Kemal Atatürk.

To the dismay of the European Central Bank, the sizes and compositions of the 50 new kuruş and 1 new lira coins clearly resemble those of the €1 and €2 coins respectively. (See comparison photo in [1] of YTL 1 coin and €2 coin.) This could cause confusion in the eurozone. It also caused trouble to businesses using vending machines (particularly at airports) in the eurozone since a number of vending machines at the time accepted the 1 new lira coin as a €2 coin. Since €2 is worth roughly four times more, vending machines affected had to be upgraded at the expense of their owners.

Banknotes

Banknotes were introduced in 2005 in denominations of 1, 5, 10, 20, 50, and 100 new lira. Whilst the lower four denominations replaced older notes and used very similar designs, the 50 and 100 new lira notes did not have equivalents in the old currency. All notes show portraits of Mustafa Kemal Atatürk from different points of his life and images of various historical and otherwise important buildings and places in Turkey.

Current TRY exchange rates
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See also

References

1. ^ Central Bank of the Republic of Turkey. Frequently Asked Questions on YTL. Retrieved on 2006-09-28.
2. ^ Turkish Daily News (2006-09-15). TL banknotes to be in circulation in 2009. Retrieved on 2006-09-28.

External links

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Euro-related topics
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Currencies of Europe
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Turkish lira
Türk lirası (Turkish)

Gold lira in Ottoman Empire
ISO 4217 Code TRL
User(s) Turkey and the self-proclaimed Turkish Republic of Northern Cyprus

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