In Turkey, the lira refers to both singular and plural banknotes, while in Italy the lira refers to the plural currency. Turkey used Turkish lira until France used French lira in 1794, Italy accepted Italian lira in 2002, and Britain used British pound sterling, still abbreviated as “LB”.
Turkish coins are called lira. One lira is subdivided into 100 kurus. Turkey sometimes attempts to join the Eurozone, which would convert their currency to the Euro, but their efforts have been unsuccessful. The lira has two forms, and the second arose in 2005.
The Ottoman lira replaced the kura as the main currency in the Ottoman Empire, with the kurush continuing to circulate as a division of the lira, with 100 kuru = 1 lira. The new declared currency, the second Turkish lira, was called Yeni Türk lira – YTL – “New Turkish Lira”, divided into 100 new kuru (Yeni kurus).
A Brief History of Turkish Currency
After the devaluation, the new lira was reduced to YTL (Yeni Turk Lirasi). Since January 1, 2009, the word “new” has been removed from the second Turkish lira, its official name in Turkey has again become simply “Turkish lira”; New coins were introduced without the word “yeni” in denominations of 1, 5, 10, 25, 50 kurus and 1 lira.
Until the end of the same year – 2005 – and before the abolition of the first Turkish lira, the rate of 1 second Turkish lira = 1,000,000 first Turkish lira, in addition, two new banknotes in denominations in Turkish currency of 50 and 100 values were issued.
As a result of this process, Turkey was currently the only country where banknotes of the highest denomination (20 million Turkish lira) were in circulation. It depreciated so much that Turkey was forced to abandon the old lira and create a new currency.
Northern Cypriot Currency
Turkish Lira is the official currency of Northern Cyprus and Turkey, represented by the ISO code TRY and abbreviated as TL. TRY is the abbreviation for Turkey’s official currency, the new lira. This currency is also used in the Turkish Republic of Northern Cyprus.
The new Turkish lira is broken down into 100 new kuru coins, and the YTL symbol is often displayed in the lira. The composition of denominations of YTL banknotes: 1, 5, 10, 20, 50, 100, and denominations of coins – 1,5,10,25,50 New Cent and 1 YTL. When defining the name of the new currency, the expression “lira” was retained, which is the only currency that was traditionally used during the republican period after the war of independence and was identified with Turkey in international markets.
As of January 1, 2005, six zeros were debited from our currency, and YTL (New Turkish Lira) became the new currency of Turkey, so we started using the New Turkish Lira and the new Curus (cent). The difference, of course, is not only in value, but also in the new currency code (TRY). While there is no clear link anymore, Turkey is actively interfering with the currency markets and trying to manipulate the value of the Turkish lira.
Erdogan and Turkish Currency
In August 2018, when Turkey faced a currency crisis, its President, Recep Tayyip Erdogan, urged people to convert their dollars or euros into Turkish lira. As you can see, the trend was dire and went so far that, according to the Guinness Book of Records, between 1999 and 2004, the Turkish currency became the least worthy currency in the world. from the gold standard with the gold lira, which in the early 1920s was worth about £ 9 in paper money.
In the Middle Ages, the lira was not minted, and the lira remained strictly a settlement currency. The lira was also the currency of Malta, where it was divided into 100 cents. The lyre, including similar currencies in the Middle East and Europe, has its origin in balance – a unit of weight in ancient Rome.
Lira (LEE-rah), from the Latin libra pondo (“one pound of weight”), is the name of the Turkish currency. The Turkish lira is the currency of Turkey and the Turkish Republic of Northern Cyprus (Northern Cyprus or Northern Cyprus), which in 1974 independently proclaimed independence from Cyprus (officially the Republic of Cyprus) and is recognized only by Turkey at the international level.
Turkish Banking and Mint
The Turkish currency is issued by the country’s central bank (Turkiye Cumhuriyet Merkez Bankasi, TCMB) based in Ankara. The Central Bank of the Republic of Turkey has exclusive powers to issue banknotes and coins.
However, banknotes in the new Turkish lira will be redeemed within ten years from January 1, 2010 until the end of business hours on December 31, 2019 at the branches of the Central Bank of the Republic of Turkey. Banknotes are issued in denominations from 1 to 100 new lire. Currently, there are banknotes in denominations of 5, 10, 20, 50, 100 and 200 Turkish lira, as well as coins in denominations of 1, 5, 10, 25 and 50 kurus (100 kuru – one lira) and coins in denominations of 1 lira.
At the time of writing, the value of the U.S. dollar is approximately 8.5 lire, while the value of the euro is only slightly higher than 10 lire. However, if you pay in Lira instead of Euros and U.S. dollars, you will get more benefits. Tourist shops, restaurants and hotels sometimes accept U.S. dollars, but outside of tourist areas, Turkey generally does not accept U.S. dollars as currency.
Turkish Exchange Rates
In addition, the exchange rate displayed when paying in U.S. dollars in Turkey is very poor, and it is best to use the local currency Lira (TRY). When travelling to Istanbul, it is best to pay in Turkish local currency. Many people in Turkey do not accept large bills for small payments, so it is best to exchange cash for Turkish lira so that you always have a smaller amount. If you send a bill that is three times or more the price, you may see an expression of disapproval and ask you to provide a small bill.
The original lyre banknotes are 100% cotton and do not appear fluorescent when stored under UV light. Fake lyre fluoresces in UV light, even if it is coated with a special varnish often used by counterfeiters.
Turkish Anti-Counterfeiting Measures
In addition, the real lyre contains a watermark with a portrait of Ataturk and a denomination. Fake Lire does not contain these watermarks, or may represent a very poor imitation. To the disappointment of the European Central Bank, the size and composition of the 50 new kuru and 1 new lira clearly resemble the 1 and 2 euro coins, respectively.
At the same time, the Turkish government issued two banknotes in denominations of 50 and 100. Therefore, since 1981, higher denomination notes have been introduced almost every two years, from the 5000 lira note in 1981 to the 20 million lira note in 2001. six zeros from old banknotes and new banknotes and coins were introduced.
