Turkish new lira
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The Turkish new lira is the current currency of Turkey and of the de facto state Turkish Republic of Northern Cyprus. Introduced on 1 January 2005, it is equivalent to 1,000,000 Turkish old lira (which remained valid in circulation until the end of 2005) and divided into 100 new kuruş.
Currency specification
- Symbol: YTL (Yeni Türk Lirası), The ISO 4217 code of Turkish new lira is "TRY".
- Banknotes: 100, 50, 20, 10, 5 and 1 YTL
- Coins: 1 YTL and 50, 25, 10, 5, and 1 new kuruş
Design
Same banknote and coin designs are shared with the Turkish old lira, to prevent any confusion.All notes and coins 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.
The design of the 50 kuruş and 1 lira coins, to the dismay of the European Central Bank, clearly resembles that of the €1 and €2 coins respectively. (See comparison photo in [link] of YTL 1 coin and €2 coin.) This could cause confusion in the eurozone. Also, it 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 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.
History
Owing to the chronic inflation experienced in Turkey from the 1970s through to the 1990s, the Turkish 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". In late December 2003, the Turkish Parliament passed a law which allowed for the removal of six zeroes from the currency, and the creation of the Turkish new lira. The introduction of the Turkish new lira has also been accompanied by two new banknotes which did not have equivalents in the old system: TRY 100 and TRY 50.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.
Since its introduction, the new lira had remained stable until late May 2006 when its value dropped by about 20% within a few days.
External links
- [Images of the new banknotes and coins]
- () () [Turkish new lira official changeover Campaign]
- () () [YTL information site]
- [Banknotes of Turkey]
- () () [Ottoman Empire coins]
- () () [Turkish Republic coins and banknotes]
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