Turkish lira

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Turkish lira
₺1 coin
ISO 4217
Unit
Symbol₺[1]‎
Denominations
Subunit
 1⁄100
Banknotes₺5, ₺10, ₺20, ₺50, ₺100, ₺200
Coins
 Freq. used5kr, 10kr, 25kr, 50kr, ₺1
 Rarely used1kr
Demographics
User(s) Turkey
 Northern Cyprus
Issuance
Central bankCentral Bank of the Republic of Turkey
 Websitewww.tcmb.gov.tr
PrinterCBRT Banknote Printer
 Websitewww.tcmb.gov.tr
MintTurkish State Mint
 Websitewww.darphane.gov.tr
Valuation
Inflation7.64% CPI, 1.55% PPI
 SourceCentral Bank of the Republic of Turkey
Economy of Turkey
Emblem of Turkey
Economic history
Money
Stock exchange
Major projects
Related topics
flag Turkey portal

The Turkish lira (Turkish: Türk lirası) (sign: ₺; code: TRY; usually abbreviated as TL)[2] is the currency of Turkey and the Turkish Republic of Northern Cyprus. The Turkish lira is subdivided into 100 kuruş.

Ottoman lira (1844–1923)

Main article: Ottoman lira

The lira, along with the related currencies of Europe and the Middle East, has its roots in the ancient Roman unit of weight known as the libra which referred to the Troy pound of silver. The Roman libra adoption of the currency spread it throughout Europe and the Near East, where it continued to be used into medieval times. The Turkish lira, the French livre (until 1794), the Italian lira (until 2002), and the British pound (a translated version of the Roman libra; the word "pound" as a unit of weight is still abbreviated as "lb.") are the modern descendants of the ancient currency.

The Ottoman lira was introduced as the main unit of currency in 1844, with the former currency, kuruş, remaining as a 1⁄100 subdivision. The Ottoman lira remained in circulation until the end of 1927.[3]

First Turkish lira (1923–2005)

Both Livre Turque Template:Fr icon and تورك لیراسی Template:Ota icon phrases used on first-issue banknotes.

Historical banknotes from the second, third and fourth issues have portraits of İsmet İnönü on the obverse side. This change was done according to the 12 January 1926 issue of the official gazette[4][5] and canceled by the Democrat Party after World War II.

Exchange rates

After periods of the lira 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 = 1,300 Turkish lira
  • 1995 – 1 U.S. dollar = 45,000 Turkish lira
  • 2001 – 1 U.S. dollar = 1,650,000 Turkish lira

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 (2005–present)

In 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.

At the same time, the Government introduced two new banknotes called TRY100 and TRY50.

In the transition period between January 2005 and 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). Starting in January 2009, the "new" marking was removed from the second Turkish lira, its official name becoming just "Turkish lira" again, abbreviated "TL".

All obverse sides of current banknotes and reverse sides of current coins have portraits of Mustafa Kemal Atatürk.

Currency sign

Main article: Turkish lira sign
  • Turkish lira sign
    Turkish lira sign
  • Design limits[7]
    Design limits[7]

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.[8] 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.[9] 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".[10]

In May 2012, the Unicode Technical Committee accepted the encoding of a new character U+20BA ₺ TURKISH LIRA SIGN for the currency sign,[11] which was included in Unicode 6.2 released in September 2012.[12]

With the current date of 4th July 2016, 100 Turkish Lira could be bought 34.53 US Dollars in the United States and in Turkey, 31.00 € in the European Union and Turkey (especially in the Eurozone and Germany), and £25.90 in the United Kingdom and Turkey. We also would like to introduce them in their currencies converting them to Turkish Lira from their currencies with only 3.10 Turkish Lira (1 €, $ 1.30 or 81 p) commission, in Turkey.

Coins

Main article: Coins of Turkey

From 1 January 2009, the phrase "new" was removed from the second Turkish lira, its official name in Turkey becoming just "Turkish lira" again;[13] 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.

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% Cu, 30% Zn Plain Value, Crescent-star, year of minting Snowdrop "TÜRKİYE CUMHURİYETİ",
Mustafa Kemal Atatürk 		2008 1 January 2009
5 17.5 1.65 2.9 65% Cu, 18% Ni, 17% Zn Tree of life
10 18.5 3.15 Rumi motif
25 20.5 4 Reeded Kufic calligraphic
50 23.85 1.9 6.8 Ring: 65% Cu, 18% Ni, 17% Zn
Center: 79% Cu, 17% Zn, 4% Ni 		Large reeded Bosphorus Bridge and Istanbul silhouette
100
(₺1) 		26.15 8.2 Ring: 79% Cu, 17% Zn, 4% Ni
Center: 65% Cu, 18% Ni, 17% Zn 		inscribed, T.C. letters and tulip figure Rumi motif
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Banknotes

Main article: Banknotes of Turkey

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.[14] The new banknotes have different sizes to prevent forgery.[15] 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.[16] The dominant color of the 5-Turkish-lira banknote has been determined as "purple" on the second series of the current banknotes.[17]

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:
solar system, atom, ancient cave, left-handed Z-DNA helix. 		Mustafa Kemal Atatürk, Value 1 January 2009
Purple 8 April 2013
10 136 × 64 Red Cahit Arf:
Arf invariant, arithmetic series, abacus, binary sequence 		1 January 2009
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:
musical 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.

Exchange rates of the new lira

Exchange rate evolution compared to USD, EUR, JPY, GBP and Ottoman lira
  •   January 2005 : ₺100 = $74 April 2012 : ₺100 = $57
  •   January 2005 : ₺100 = €55 / April 2012 : ₺100 = €43
  •   January 2005 : ₺1 = ¥76 / April 2012 : ₺1 = ¥46
  •   January 2005 : ₺100 = £39 / April 2012 : ₺100 = £35
  •   January 2005 : ₺1000 = 6.45 Ottoman lira / April 2012 : ₺1000 = 1.55 Ottoman lira
Most traded currencies by value
Currency distribution of global foreign exchange market turnover[18]
Rank Currency Code Symbol Proportion of daily volume Change
(2019–2022)
April 2019 April 2022
1 U.S. dollar USD US$ 88.3% 88.5% Increase 0.2pp
2 Euro EUR € 32.3% 30.5% Decrease 1.8pp
3 Japanese yen JPY ¥ / 円 16.8% 16.7% Decrease 0.1pp
4 Sterling GBP £ 12.8% 12.9% Increase 0.1pp
5 Renminbi CNY ¥ / 元 4.3% 7.0% Increase 2.7pp
6 Australian dollar AUD A$ 6.8% 6.4% Decrease 0.4pp
7 Canadian dollar CAD C$ 5.0% 6.2% Increase 1.2pp
8 Swiss franc CHF CHF 4.9% 5.2% Increase 0.3pp
9 Hong Kong dollar HKD HK$ 3.5% 2.6% Decrease 0.9pp
10 Singapore dollar SGD S$ 1.8% 2.4% Increase 0.6pp
11 Swedish krona SEK kr 2.0% 2.2% Increase 0.2pp
12 South Korean won KRW ₩ / 원 2.0% 1.9% Decrease 0.1pp
13 Norwegian krone NOK kr 1.8% 1.7% Decrease 0.1pp
14 New Zealand dollar NZD NZ$ 2.1% 1.7% Decrease 0.4pp
15 Indian rupee INR ₹ 1.7% 1.6% Decrease 0.1pp
16 Mexican peso MXN MX$ 1.7% 1.5% Decrease 0.2pp
17 New Taiwan dollar TWD NT$ 0.9% 1.1% Increase 0.2pp
18 South African rand ZAR R 1.1% 1.0% Decrease 0.1pp
19 Brazilian real BRL R$ 1.1% 0.9% Decrease 0.2pp
20 Danish krone DKK kr 0.6% 0.7% Increase 0.1pp
21 Polish złoty PLN zł 0.6% 0.7% Increase 0.1pp
22 Thai baht THB ฿ 0.5% 0.4% Decrease 0.1pp
23 Israeli new shekel ILS ₪ 0.3% 0.4% Increase 0.1pp
24 Indonesian rupiah IDR Rp 0.4% 0.4% Steady
25 Czech koruna CZK Kč 0.4% 0.4% Steady
26 UAE dirham AED د.إ 0.2% 0.4% Increase 0.2pp
27 Turkish lira TRY ₺ 1.1% 0.4% Decrease 0.7pp
28 Hungarian forint HUF Ft 0.4% 0.3% Decrease 0.1pp
29 Chilean peso CLP CLP$ 0.3% 0.3% Steady
30 Saudi riyal SAR ﷼ 0.2% 0.2% Steady
31 Philippine peso PHP ₱ 0.3% 0.2% Decrease 0.1pp
32 Malaysian ringgit MYR RM 0.2% 0.2% Steady
33 Colombian peso COP COL$ 0.2% 0.2% Steady
34 Russian ruble RUB ₽ 1.1% 0.2% Decrease 0.9pp
35 Romanian leu RON L 0.1% 0.1% Steady
36 Peruvian sol PEN S/ 0.1% 0.1% Steady
37 Bahraini dinar BHD .د.ب 0.0% 0.0% Steady
38 Bulgarian lev BGN BGN 0.0% 0.0% Steady
39 Argentine peso ARS ARG$ 0.1% 0.0% Decrease 0.1pp
… Other 1.8% 2.3% Increase 0.5pp
Total[b] 200.0% 200.0%

Turkish Lira exchange rates became more stable after 2004. In the following years, the yearly average exchange rate of the lira was as follows:

  • 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)
  • 2010 – 1 U.S. dollar = 1.55 Turkish lira
  • 2012 – 1 U.S. dollar = 1.80 Turkish lira (average)
  • 2014 – 1 U.S. dollar = 2.09 Turkish lira (average)
  • 2015 – 1 U.S. dollar = 2.62 Turkish lira (average)
  • 2015 (late September) – 1 U.S. dollar = 3.00 Turkish lira (average)
  • 2015 (November) – 1 U.S. dollar = 2.85 Turkish lira (average)
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

See also

Notes

  1. ^ Only on first issue banknotes
  2. ^ The total sum is 200% because each currency trade is counted twice: once for the currency being bought and once for the one being sold. The percentages above represent the proportion of all trades involving a given currency, regardless of which side of the transaction it is on. For example, the US dollar is bought or sold in 88% of all currency trades, while the euro is bought or sold in 31% of all trades.

References

  1. ^ "Turkish Lira Sign". Central Bank of the Republic of Turkey. Retrieved 30 May 2013.
  2. ^ International Organization for Standardization. "Currency codes – ISO 4217". ISO. Retrieved 8 February 2013.
  3. ^ "History of Paper Money". Central Bank of the Republic of Turkey. Retrieved 8 February 2013.
  4. ^ "701 Mevcûd Evrâk-ı Nakdiyyenin Yenileriyle İstibdâline Dâir Kânun" (PDF). Prime Ministry. Retrieved 8 February 2013.
  5. ^ "Elyevm mevkii tedavülde bulunan evrakı nakdiye yerine, aynı evsafı kanuniyeyi haiz olmak ve aynı miktarda bulunmak üzere yeni evrakı nakdiye ihracı hakkında (1/750) numaralı kanun lâyihası ve Kavanin ve Muvazenei Maliye Encümenleri mazbataları" (PDF). Grand National Assembly of Turkey. Retrieved 8 February 2013.
  6. ^ Official Gazette of the Republic of Turkey. "Law on the Currency of the Republic of Turkey".
  7. ^ "TLSimge". Central Bank of the Republic of Turkey. Retrieved 31 January 2013.
  8. ^ ""TL SİMGE YARIŞMASI" ŞARTNAMESİ" (PDF) (in Turkish). Türkiye Cumhuriyeti Merkez Bankası. October 2011. Retrieved 9 September 2011.
  9. ^ "PM Erdoğan announces symbol for Turkish lira", TodaysZaman.com, 1 March 2012
  10. ^ "Turkey unveils symbol for national currency", TodaysZaman.com, 1 March 2012
  11. ^ "Unicode 6.2 to Support the Turkish Lira Sign from announcements_at_unicode.org on 15 May 2012 (Unicode Mail List Archive)". Unicode.org. 15 May 2012. Retrieved 31 January 2013.
  12. ^ "Unicode 6.2.0". The Unicode Consortium. 23 October 2012.
  13. ^ "Public Announcement As to the Removal of the Prefix "New" From The New Turkish Lira".
  14. ^ 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. TCMB. p. 103. Retrieved 5 January 2008.
  15. ^ "TL banknotes to be in circulation in 2009". Turkish Daily News. 15 September 2006. Archived from the original on 30 September 2007. Retrieved 28 September 2006.
  16. ^ "Türk Lirası'nda yeni yüzler". NTV-MSNBC (in Turkish). Anadolu Agency. 3 October 2008. Retrieved 22 March 2012.
  17. ^ Türkiye Cumhuriyet Merkez Bankasi (Central Bank of the Republic of Turkey) (2 April 2013). "Press Release on the Issue of E-9 Emission Group II. Series Turkish Lira Banknotes". TCMB. Retrieved 4 September 2013.
  18. ^ Triennial Central Bank Survey Foreign exchange turnover in April 2022 (PDF) (Report). Bank for International Settlements. 27 October 2022. p. 12. Archived (PDF) from the original on 27 October 2022.

Further reading

External links

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