Türk Lirası Tarihi ve Güncel Durumu

The Turkish Lira has a rich history that spans over a century. It was introduced in 1927, replacing the Ottoman lira, and has since undergone several revaluations and redenominations.

The Turkish Lira was first pegged to the US dollar in 1946, but this fixed exchange rate was abandoned in 1959. The lira has been a managed currency ever since.

In 2005, the Turkish Lira was revalued by 25% to combat inflation and stabilize the economy. This move helped to increase the lira's value and attract foreign investment.

The Turkish lira has a rich history that dates back to ancient times. The lira originated from the Roman unit of weight known as the libra, which referred to the Troy pound of silver.

The Roman libra spread throughout Europe and the Near East, where it continued to be used into medieval times. This is why modern currencies like the Turkish lira, French livre, and Italian lira have their roots in the ancient Roman unit of weight.

The Ottoman lira was introduced in 1844 as the main unit of account, with the kuruş remaining as a 1⁄100 subdivision. It remained in circulation until the end of 1927.

The first Turkish lira was introduced in 1923, and its banknotes featured the portrait of Mustafa Kemal Atatürk. After Atatürk's death, his portrait was replaced with one of İsmet İnönü for the third and fourth issues.

Here is a list of the Turkish lira's value against the US dollar from 1960 to 2005:

The Turkish lira's value had fallen so far that one original gold lira coin could be sold for TL 154,400,000 before the 2005 revaluation.

In 2004, the Grand National Assembly of Turkey passed a law allowing for redenomination by removing six zeros from the Turkish lira. This led to the introduction of a new currency, the second Turkish lira, on January 1, 2005.

The Turkish lira has a rich history, with several periods of change and revaluation. The Ottoman lira was introduced in 1844 and remained in circulation until 1927.

One of the most significant periods in Turkish lira history was the First Turkish lira, which was introduced in 1923 and remained in circulation until 2005. During this time, the currency underwent several devaluations, with the value of the lira falling significantly against the US dollar.

Here's a breakdown of the devaluation periods for the First Turkish lira:

The Second Turkish lira was introduced in 2005, with the removal of six zeros from the previous currency. This change was made to reduce the value of the currency and make it more stable.

The Ottoman lira was introduced as the main unit of account in 1844, with the kuruş remaining as a 1⁄100 subdivision.

It remained in circulation until the end of 1927.

The first lira was printed in 1843, during the reign of Sultan Abdülmecid.

Before paper money was introduced, this Ottoman gold currency was known as the Sarı lira.

The Ottoman lira was initially made of gold, and its value was tied to the precious metal.

The Ottoman government started printing the çeyrek lira in 1854, and the two buçukluk and fivebiryerde in 1855.

The first Turkish lira was introduced in 1923 and was in circulation until 2005. It was a significant period in Turkish currency history.

The first issue of banknotes featured Mustafa Kemal Atatürk on the obverse side, a tradition that continued until his death. After Atatürk's passing, İsmet İnönü's portrait replaced his on the third and fourth issues.

The Turkish lira was pegged to sterling and the franc at various points, but a notable peg was established in 1946 at TL 2.8 = US$1, which lasted until 1960.

Here's a list of the lira's value in US dollars over the years:

The Turkish lira's value had fallen so far that one original gold lira coin could be sold for TL 154,400,000 before the 2005 revaluation.

The Turkish lira has undergone significant changes since 2005. The second Turkish lira was introduced on 1 January 2005, replacing the previous Turkish lira at a rate of YTL 1 = TL 1,000,000 in old lira.

The new currency was officially called Yeni Türk lirası, or New Turkish lira, until January 2009. This name change was reflected in the currency code, with the letter "Y" taken from the Turkish word yeni, meaning new.

The second Turkish lira was subdivided into 100 new kuruş, or yeni kuruş. All obverse sides of current banknotes feature portraits of Mustafa Kemal Atatürk, while the reverse sides of all coins (except for ₺1 commemorative coins) also feature his portrait.

The Turkish lira's value has fluctuated significantly over the years. Here are some notable exchange rates:

The second Turkish lira was officially renamed the Turkish lira in January 2009, dropping the "new" marking.

The Turkish lira has been through a tumultuous period, with its value plummeting rapidly since 2018. The lira's exchange rate deteriorated rapidly, reaching ₺4.5 per US dollar by mid-May 2018 and ₺4.9 a week later. Economists attributed the accelerating loss of value to Recep Tayyip Erdoğan preventing the Central Bank of the Republic of Turkey from making necessary interest rate adjustments.

Erdoğan's expansionist foreign policy has largely contributed to the lira's deflation by over 400% compared to the US dollar and the euro since 2008. The Turkish lira partially recovered in early 2021 with the government's increase in interest rates, but the currency began to crash due to inflation and depreciation starting on 21 March 2021, after the sacking of Central Bank chief Naci Ağbal.

The Turkish lira reached a then-all-time-low of ₺8.8 to the dollar on 4 June 2021 and became one of the quickest collapsing currencies of 2021. The inflation rate reached unseen levels, collapsing to ₺14.5 to the US Dollar in December 2021, losing nearly all of its original value.

Here are some key statistics on the Turkish lira's decline:

The Turkish lira continued to decline throughout 2022, with the central bank governor Şahap Kavcıoğlu lowering interest rates by 150 basis points, from 12% to 10.5%, down from the 2021 low of 15%. The official inflation rate of the Lira through 2022 reached 83%, but independent reviews put the inflation rate even higher.