Turkish lira

Turkish Lira

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Turkish lira

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Description:


The Turkish lira (currency sign: TL; ; ISO 4217: TRY) is the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus. The lira is subdivided into 100 kuruş. All notes and coins of Turkish Lira have portraits of Mustafa Kemal Atatürk from different points of his life since 1930s (with the exception of some notes of second emission, 1937-1942, which features İsmet İnönü) on the obverse side.

History

First lira

After periods pegged to the British pound and the French franc, a peg of 2.8 lira = 1 U.S. dollar was adopted in 1946 and maintained until 1960, when the currency was devalued to 9 lira = 1 dollar. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the lira began to fall.

Because of the chronic inflation experienced in Turkey from the 1970s through to the 1990s, the 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 more than 40% per year.

  • 1966 — 1 U.S. dollar = 9 lira
  • 1980 — 1 U.S. dollar = 90 lira
  • 1988 — 1 U.S. dollar = 1,300 lira
  • 1995 — 1 U.S. dollar = 45,000 lira
  • 1996 — 1 U.S. dollar = 107,000 lira
  • 2001 — 1......
  • ...

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