The Turkish Lira (TRY) is the official currency of Turkey, a transcontinental country spanning Europe and Asia.
The currency code for the Turkish Lira is TRY, and its symbol is ₺.
The Central Bank of the Republic of Turkey (CBRT) is responsible for issuing and managing the nation’s currency, as well as implementing and overseeing monetary policy.
History of the Turkish Lira
The Turkish Lira has a long history, dating back to the Ottoman Empire.
In 1923, following the establishment of the Republic of Turkey, the currency was reformed and the first Turkish Lira was introduced, replacing the Ottoman Lira at par.
The first Turkish Lira was subdivided into 100 kuruş.
Due to high inflation rates in Turkey in the late 20th and early 21st centuries, the value of the currency depreciated significantly.
To address this issue, the Turkish government introduced the New Turkish Lira (YTL) on January 1, 2005, replacing the old lira at a rate of 1,000,000 old lira to 1 new lira.
On January 1, 2009, the “New” was dropped, and the currency was once again called the Turkish Lira.
Denominations and Subdivisions
The Turkish Lira is subdivided into 100 smaller units called kuruş.
Coins are issued in denominations of 1, 5, 10, 25, and 50 kuruş, as well as 1 lira.
Banknotes are available in denominations of 5, 10, 20, 50, 100, and 200 lira.
The designs on Turkish Lira coins and banknotes often depict Turkey’s history, cultural heritage, and national symbols, such as the portrait of Mustafa Kemal Atatürk, the founder and first president of the Republic of Turkey.
Exchange Rates and Economy
Turkey has a mixed economy, with a focus on various sectors, including automotive, textiles, electronics, and tourism.
The exchange rate of the Turkish Lira is influenced by various factors, such as global economic conditions, the overall performance of the national economy, and the monetary policies implemented by the Central Bank of the Republic of Turkey.
The value of the Turkish Lira has experienced periods of volatility in recent years, with inflation and political factors contributing to fluctuations in its exchange rate.
It is essential for investors and travelers to be aware of these fluctuations and monitor the exchange rate when dealing with the Turkish Lira.
Summary
The Turkish Lira is the official currency of Turkey, managed by the Central Bank of the Republic of Turkey.
With a history dating back to the Ottoman Empire, the currency has undergone multiple reforms and transformations.
The lira is subdivided into 100 kuruş, with coins and banknotes issued in various denominations.
The designs on the currency reflect the nation’s history and cultural heritage.
The exchange rate of the Turkish Lira is influenced by external factors and the overall performance of the national economy, and it has experienced periods of volatility in recent years.