In 2019, it participated in 1.1% of all currency transactions. The Turkish lira is ranked as one of the relatively popular currencies in the world. The reverse depicts figures of merit in Turkish history and culture, including writers, musicians, mathematicians, scientists and poets. The obverse always bears the image of the first Turkish president. Turkish lira banknotes are available in denominations of 5, 10, 20, 50, 100 and 200 lira. On the obverse, in addition to the denomination, the date of minting is shown, as well as flora, cultural elements and Turkish architectural objects. The reverse of each coin depicts the image of the first Turkish president - Mustafa Kemal Ataturk. Turkish citizens have in their pockets coins of 1, 5, 10, 25 and 50 kuruş, as well as 1 lira. The new Turkish lira had an exchange rate set as follows: as many as six zeros had to be crossed out of the old one to get one new one. This led to the denomination and creation of a new currency with the symbol TRY, which is still present today. For many years, the Turkish lira was entered into the Guinness Book of Records as the least valuable currency in the world. For comparison, in the 1960s, one dollar cost 9 Turkish lira, and in 2005 as much as 1.35 million lira. In the 1990s, the Turkish lira began to depreciate sharply. For many years, the Turkish lira was pegged to the British pound and the French franc, as well as the US dollar. In a form similar to its contemporary form, the Turkish lira debuted in 1923 and lasted until 2005. Even then, it was divided into 100 kuruş. It was the Ottoman lira, which entered circulation in 1844 and lasted until 1927. The first lira as currency appeared during the fall of the Ottoman Empire. This settlement system was used in medieval Europe and the Middle East, among other places, and many countries borrowed the libra as the name of their currency. There, the libra was used, which meant silver that weighed one pound. Like some other currencies, the Turkish lira owes its origins to a weight unit used in the ancient Roman Empire. When going to one of these places, it is wise to check the Turkish lira exchange rate. Residents of Northern Cyprus also use it. The Turkish lira is the official currency of Turkey. Often it is also written with the abbreviation TL or the symbol ₺. Earlier this month, treasury and finance minister Nureddin Nebati suggested that the government would introduce inflation-linked bonds for individual investors and predicted “a significant decrease in inflation in the coming period with the normalization of commodity prices, the stability in the exchange rate and the additional steps we will take.The Turkish lira is the official monetary unit of Turkey. “The amount of external debt to be paid over the next 12 months exceeds $175 billion.”Īt the end of April, Erdogan told reporters that inflation would begin to fall after May. “Despite high inflation, the Erdogan administration’s strategy continues to widen the current account deficit, which is likely to hit $30 billion next month,” says Sonmez. However, Mustafa Sonmez, a Turkish economist, and Atilla Yesilada, Turkey country analyst at GlobalSource Partners, point out that the currency’s share of Turkish foreign trade is miniscule compared with the 71% that is denominated in dollars and 21% in euros. Turkey’s trade ministry has been keen to paint a positive picture, noting that use of the lira in foreign trade rose by 72% in the first three months of 2022. After a period of relative stability during March and April this year, the lira’s downward trajectory once again picked up pace in May.
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