The lira is the currency of Turkey, and it's been so since 1927. This is a significant milestone in Turkey's economic history.
The Turkish lira, also known as the TL, has undergone several revaluations over the years, with the most recent one being in 2005. This revaluation was a major overhaul of the currency, resulting in the adoption of a new currency code and a significant change in the value of the lira.
The lira is subdivided into 100 kuruş, which is the smallest unit of Turkish currency.
Intriguing read: Euro Turkish Lira Currency
A Brief History
The Turkish Lira has a rich history dating back to 1844 in the Ottoman Empire. It was first introduced in 1844.
The Lira continued to be used as the official currency after the establishment of the Republic of Turkey in 1923. The country underwent several currency reforms and devaluations over the years.
By 1926, the Turkish Lira had already started to devalue, and it would eventually reach a value of 1 U.S. dollar = 2,650,000 Turkish lira in 2001. This made the Turkish Lira the least valuable currency in the world before 2005.
In 2005, the Turkish Lira was revalued, and the "New" was dropped, reverting it back to its original name.
Take a look at this: Turkish Lira to Pound in Turkey
Lira in Turkey
The Turkish Lira is the official currency of Turkey and the Turkish Republic of Northern Cyprus. It's abbreviated as TL and its symbol is ₺.
The Turkish Lira is subdivided into 100 kuruş, or piastres, and its code is TRY. You can find Turkish coins in denominations of 1, 5, 10, 25, and 50 kuruş, as well as a 1 lira coin.
Turkish banknotes come in denominations of 5, 10, 20, 50, 100, and 200 Turkish lira. The banknotes feature the portrait of Mustafa Kemal Atatürk, the founder of the modern Turkish Republic.
The Turkish Lira was replaced by the New Turkish Lira from 2005 to 2009, but it's no longer accepted as a means of payment. Today, the Turkish Lira is the only official currency in Turkey.
You can exchange your native currency for Turkish Lira at local banks, international banks, exchange offices, airports, hotels, and ATMs throughout Turkey. Credit and debit cards, including Visa, MasterCard, and American Express, are also widely accepted.
Here's a summary of the Turkish Lira's denominations:
Featured Images: pexels.com
