Turkish new lira
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| Turkish new lira Yeni Türk Lirası (Turkish) |
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| ISO 4217 Code | TRY | ||
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| User(s) | Turkey and the self-proclaimed Turkish Republic of Northern Cyprus | ||
| Inflation | 9.8% (Turkey, 2006) 9.1% (Northern Cyprus, 2004) |
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| Source | The World Factbook | ||
| Subunit | |||
| 1/100 | new kuruş | ||
| Symbol | YTL | ||
| Coins | 1, 5, 10, 25, 50 new kuruş, 1 new lira | ||
| Banknotes | 1, 5, 10, 20, 50, 100 new lira | ||
| Central bank | Central Bank of the Republic of Turkey | ||
| Website | www.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.
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[edit] History
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)
- 6 May 2008 — 1 U.S. dollar = 1.25 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]
[edit] Coins
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Coins were introduced in 2005 in denominations of 1, 5, 10, 25 and 50 new (Yeni) kuruş and 1 new (Yeni) lira. The 1 new(Yeni) kuruş was 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.
[edit] Banknotes
Banknotes, referred to by the Central Bank as the "E-8 Emission Group", 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. A new series of banknotes, the "E-9 Emission Group" will enter circulation on 1 January 2009, with the E-8 group ceasing to be valid after 31 December 2009 (although still redeemable at branches of the Central Bank until 31 December 2019). The E-9 banknotes will refer to the currency as "lira" rather than "new lira", and may include a 200 lira denomination.[3]
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[edit] See also
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[edit] References
- ^ Central Bank of the Republic of Turkey. Frequently Asked Questions on YTL. Retrieved on 2006-09-28.
- ^ Turkish Daily News (2006-09-15). TL banknotes to be in circulation in 2009. Retrieved on 2006-09-28.
- ^ Türkiye Cumhuriyet Merkez Bankasi (Central Bank of the Republic of Turkey) (8 May 2007). Announcement on the Withdrawal of New Turkish Lira Banknotes from Circulation. Official Gazette no. 26516, 8 May 2007, page 103.. TCMB. Retrieved on 2008-01-05.
[edit] External links
- Don's World Coin Gallery - Turkey
- Ron Wise's World Paper Money - Turkey Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Asia Mirror site
- The Global History of Currencies - Turkey
- Global Financial Data currency histories table (
Microsoft Excel format) - Images of the new banknotes and coins
- (Turkish) (English) Turkish new lira official changeover Campaign
- (Turkish) (English) YTL information site
- (Turkish) (English) Ottoman Empire coins
- (Turkish) (English) Turkish Republic coins and banknotes
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