Turkish lira
Türk lirası Template:Tr icon | |
---|---|
ISO 4217 | |
Unit | |
Symbol | Template:Image [1] |
Denominations | |
Subunit | |
1/100 | |
Banknotes | |
Freq. used | ₺5, ₺10, ₺20, ₺50, ₺100 |
Rarely used | ₺200 |
Coins | |
Freq. used | 5kr, 10kr, 25kr, 50kr, ₺1 |
Rarely used | 1kr |
Demographics | |
User(s) | Turkey
1 Turkish territory |
Issuance | |
Central bank | Central Bank of the Republic of Turkey |
Website | www.tcmb.gov.tr |
Printer | CBRT Banknote Printer |
Website | www.tcmb.gov.tr |
Mint | Turkish State Mint |
Website | www.darphane.gov.tr |
Valuation | |
Inflation | 11.14% CPI, 7.65% PPI |
Source | Central Bank of the Republic of Turkey |
Overnight rates with TRLIBOR |
The Turkish lira (Currency sign: ₺ (since 1 March 2012: TL); Turkish: Türk lirası; ISO 4217: TRY)[2] is the currency of Turkey and the Turkish Republic of Northern Cyprus (recognised by only Turkey). The Turkish lira is subdivided into 100 kuruş.
All obverse sides of current banknotes and reverse sides of current coins have portraits of Mustafa Kemal Atatürk. Historical banknotes from the second, third and fourth issues have portraits of İsmet İnönü on the obverse side. This change done according to 12 January 1926 dated official gazette [3][4] and canceled by Democrat Party after World War II.
History
Ottoman era
Ottoman lira unofficially used by Turkey until the Turkish lira started circulating. [5]
First Turkish lira
After periods pegged to the British pound and the French franc, a peg of 2.8 Turkish lira = 1 U.S. dollar was adopted in 1946 and maintained until 1960, when the currency was devalued to 9 Turkish lira = 1 dollar. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall.
- 1966 — 1 U.S. dollar = 9 Turkish lira
- 1980 — 1 U.S. dollar = 90 Turkish lira
- 1988 — 1 U.S. dollar = 1300 Turkish lira
- 1995 — 1 U.S. dollar = 45 000 Turkish lira
- 2001 — 1 U.S. dollar = 1 650 000 Turkish lira
- 2005 — 1 U.S. dollar = 1.29 new Turkish lira (The use of New Turkish lira, which drops 6 zeros from the currency Turkish lira, was implemented in 2005)
In 2010, the name was changed to Turkish lira, but New Turkish lira was used as currency until 31 December 2009. In the last decade, the Turkish lira stabilized against the U.S. dollar and the euro, although since 2011 it has been losing value steadily. The Guinness Book of Records ranked the Turkish lira as the world's least valuable currency in 1995 and 1996, and again from 1999 to 2004. The Turkish lira had slid in value so far that one original gold lira coin could be sold for 154,400,000 Turkish lira before the 2005 revaluation.
Second Turkish lira
In late December 2003, the Grand National Assembly of Turkey passed a law that allowed for redenomination by the removal of six zeros from the Turkish lira, and the creation of a new currency. It was introduced on 1 January 2005, replacing the previous Turkish lira (which remained valid in circulation until the end of 2005) at a rate of 1 second Turkish lira (ISO 4217 code "TRY") = 1,000,000 first Turkish lira (ISO 4217 code "TRL"). With the revaluation of the Turkish lira, the Romanian leu (also revalued in July 2005) briefly became the world's least valued currency unit.
In the transitional period between 1 January 2005 and 31 December 2008, the second Turkish lira was officially called Yeni Türk lirası (New Turkish lira).[6] It was officially abbreviated "YTL" and subdivided into 100 new kuruş (yeni kuruş). With effect from 1 January 2009, the "new" was removed from the second Turkish lira, its official name becoming just "Turkish lira" again, abbreviated "TL".
Currency sign
The current currency sign of Turkish lira was created by the Central Bank of the Republic of Turkey in 2012. The new sign was selected after a country-wide contest[7]. The new symbol, created by Tülay Lale, is composed of the letter L shaped like a half anchor, and embedded double striped letter T angled at 20 degrees.
Prime Minister Recep Tayyip Erdoğan announced the new symbol on 1 March 2012.[8]. At its unveiling, Erdoğan explained the design as "the anchor shape hopes to convey that the currency is a 'safe harbor' while the upward facing lines represent its rising prestige" [9].
Coins
From 1 January 2009, the phrase "new" was removed from the second Turkish lira, its official name in Turkey becoming just "Turkish lira" again;[10] new coins without the word "yeni" were introduced in denominations of 1, 5, 10, 25, 50 kuruş and 1 Turkish lira. Also, the center and ring alloys of the 50 kuruş and 1 Turkish lira coins were reversed. Furthermore it must be remembered that the turkish lira of today is one million fold of old turkish lira which was used before the year 2005.
Current Turkish lira coins [1] | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Image | Value (kuruş) |
Technical parameters | Description | Date of | ||||||||
Obverse | Reverse | Diameter (mm) |
Thickness (mm) |
Mass (g) |
Composition | Edge | Obverse | Reverse | first minting | issue | ||
1 | 16.5 | 1.35 | 2.2 | 70% copper 30% zinc |
Plain | Value, Crescent-star, Snowdrop, year of minting | "TÜRKİYE CUMHURİYETİ", Mustafa Kemal Atatürk |
2008 | 1 January 2009 | |||
5 | 17.5 | 1.65 | 2.9 | 65% copper 18% nickel 17% zinc |
Value, Crescent-star, Tree of life, year of minting | |||||||
10 | 18.5 | 1.65 | 3.15 | 65% copper 18% nickel 17% zinc |
Value, Crescent-star, Rumi motif, year of minting | |||||||
25 | 20.5 | 1.65 | 4 | 65% copper 18% nickel 17% zinc |
Reeded | Value, Crescent-star, Kufic calligraphic, year of minting | ||||||
50 | 23.85 | 1.9 | 6.8 | Ring: 65% copper 18% nickel 17% zinc Center: 79 % copper 4% nickel 17% zinc |
Reeded | Value, Crescent-star, Bosphorus Bridge and Istanbul silhouette, year of minting | ||||||
100 (1 ₺) |
26.15 | 1.9 | 8.2 | Ring: 79% copper 4% nickel 17% zinc Center: 65% copper 18% nickel 17% zinc |
T.C. letters and tulip figure | Value, Crescent-star, Rumi motif, year of minting | ||||||
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. |
Banknotes
A new series of banknotes, the "E-9 Emission Group" entered circulation on 1 January 2009, with the E-8 group ceasing to be valid after 31 December 2009 (although still redeemable at branches of the Central Bank until 31 December 2019). The E-9 banknotes refer to the currency as "Turkish lira" rather than "new Turkish lira", and include a new 200 Turkish lira denomination.[11] The new banknotes have different sizes to prevent forgery.[12] The main specificity of this new series is that each denomination depicts a famous Turkish personality, rather than geographical sites and architectural features of Turkey.[13]
Current Turkish lira banknotes [2] | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Image | Value ₺ |
Dimensions (mm) |
Main Colour | Description | Date of issue | |||||||
Obverse | Reverse | Obverse | Reverse | Watermark | ||||||||
5 | 130 × 64 | Brown | Mustafa Kemal Atatürk | Aydın Sayılı, diagrams of solar system, atom, ancient cave and a left-handed Z-DNA helix. | Mustafa Kemal Atatürk, Value | 1 January 2009 | ||||||
10 | 136 × 64 | Red | Cahit Arf, Arf invariant, arithmetic series, abacus, binary | |||||||||
20 | 142 × 68 | Green | Architect Kemaleddin, Gazi University main building, aqueduct, circular motif and cube-globe-cylinder symbolizing architecture | |||||||||
50 | 148 × 68 | Orange | Fatma Aliye Topuz, flower and literary figures | |||||||||
100 | 154 × 72 | Blue | Buhurizade Itri, notes, instruments and Mevlevi figure | |||||||||
200 | 160 × 72 | Violet | Yunus Emre, Yunus's mausoleum, rose, pigeon and the line "Sevelim, sevilelim" (Let us love, let us be loved) | |||||||||
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. |
See also
Economy of Turkey |
---|
Turkey portal |
- Economy of Turkey
- Economy of the Turkish Republic of Northern Cyprus
- Banknotes of Turkey
- Coins of Turkey
- Turkish lira sign
- Ottoman lira
References
This article includes a list of general references, but it lacks sufficient corresponding inline citations. (April 2009) |
- ^ http://www.tcmb.gov.tr/yeni/iletisimgm/TLSimge.php
- ^ International Organization for Standardization. "BISO 4217 Currency names and code elements". ISO. Retrieved 2012-03-22.
- ^ http://www.resmigazete.gov.tr/arsiv/269.pdf
- ^ http://www.tbmm.gov.tr/tutanaklar/TUTANAK/TBMM/d02/c020/tbmm02020033.pdf
- ^ http://www.tcmb.gov.tr/yeni/egm/ing/b001000e.php
- ^ Official Gazette of the Republic of Turkey. "Law on the Currency of the Republic of Turkey".
- ^ ""TL SİMGE YARIŞMASI" ŞARTNAMESİ" (PDF) (in Turkish). Türkiye Cumhuriyeti Merkez Bankası. 2011. Retrieved 2011-09-09.
{{cite web}}
: Unknown parameter|month=
ignored (help) - ^ http://www.cbsnews.com/8301-505245_162-57388274/turkey-reveals-symbol-for-its-currency/
- ^ "Turkey unveils symbol for national currency", TodaysZaman.com, March 1, 2012 http://www.todayszaman.com/news-272940-.html
- ^ "Public Announcement As To The Removal Of The Prefix "New" From The New Turkish Lira".
- ^ Türkiye Cumhuriyet Merkez Bankasi (Central Bank of the Republic of Turkey) (8 May 2007). "Public Announcement As To The Removal Of The Prefix "New" From The New Turkish Lira". Official Gazette no. 26516, 8 May 2007, page 103. TCMB. Retrieved 2008-01-05.
- ^ Turkish Daily News (2006-09-15). "TL banknotes to be in circulation in 2009". Archived from the original on 2007-09-30. Retrieved 2006-09-28.
- ^ "Türk Lirası'nda yeni yüzler". NTV-MSNBC (in Turkish). Anadolu Agency. 2008-10-03. Retrieved 2012-03-22.
Further reading
- Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
- Sevket Pamuk (2000). A Monetary History of the Ottoman Empire. Cambridge University Press. ISBN 0-521-44197-8.
External links
- Turkish Central Bank (Banknote Museum page)
- Turkish State Mint
- Turkish lira official changeover Campaign
- Detailed information on the Turkish lira banknotes and coins in circulation since 2009
- Turk Numismatics
Historical context
Preceded by: Ottoman lira Ratio: 1 Ottoman lira = 140 (first) lira [citation needed] |
Currency of Turkey October 29, 1923 – December 31, 2004 Note: (First) |
Succeeded by: (Second) Turkish lira (called "New Turkish lira" January 1, 2005 – December 31, 2008) Reason: inflation Ratio: 1,000,000 (first) Turkish lira = 1 (second) Turkish lira |
Preceded by: (First) Turkish lira Reason: inflation Ratio: 1,000,000 (first) Turkish lira = 1 (second) Turkish lira |
Currency of Turkey January 1, 2005 – Note: (Second) |
Succeeded by: Current |
Current TRY exchange rates | |
---|---|
From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD INR CNY |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD INR CNY |
From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD INR CNY |
From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD INR CNY |