Turkish new lira
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| Turkish new lira Yeni Türk Lirası (Turkish) |
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| ISO 4217 Code | TRY | ||
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| User(s) | Turkey and the self-proclaimed Turkish Republic of Northern Cyprus | ||
| Inflation | 9.8% (Turkey, 2006) 9.1% (Northern Cyprus, 2004) |
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| Source | The World Factbook | ||
| Subunit | |||
| 1/100 | new kuruş | ||
| Symbol | YTL | ||
| Coins | 1, 5, 10, 25, 50 new kuruş, 1 new lira | ||
| Banknotes | 1, 5, 10, 20, 50, 100 new lira | ||
| Central bank | Central Bank of the Republic of Turkey | ||
| Website | www.tcmb.gov.tr | ||
The Turkish new lira is the current currency of Turkey and of the de facto state Turkish Republic of Northern Cyprus. Introduced on 1 January 2005, it is equivalent to 1,000,000 Turkish old lira (which remained valid in circulation until the end of 2005) and divided into 100 new kuruş.
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[edit] Currency specification
- Symbol: YTL (Yeni Türk Lirası), The ISO 4217 code of Turkish new lira is "TRY".
- Coins: 1, 5, 10, 25, 50 new kuruş, and 1 YTL
- Banknotes: 1, 5, 10, 20, 50, and 100 YTL
[edit] Design
Same banknote and coin designs are shared with the Turkish old lira, to prevent any confusion.
All notes and coins show portraits of Mustafa Kemal Atatürk from different points of his life, and images of various historical and otherwise important buildings and places in Turkey.
The design of the 50 kuruş and 1 lira coins, to the dismay of the European Central Bank, clearly resembles that of the €1 and €2 coins respectively. (See comparison photo in [1] of YTL 1 coin and €2 coin.) This could cause confusion in the eurozone. Also, it caused trouble to businesses using vending machines (particularly at airports) in the eurozone since a number of vending machines at the time accepted the 1 lira coin as a €2 coin. Since €2 is worth roughly four times more, vending machines affected had to be upgraded at the expense of their owners.
[edit] History
Owing to the chronic inflation experienced in Turkey from the 1970s through to the 1990s, the Turkish lira experienced severe depreciation in value. Turkey has had high inflation rates compared to developed countries but has never suffered hyperinflation. From an average of 9 lira per U.S. dollar in the late 1960s, the currency came to trade at approximately 1.65 million lira per U.S. dollar in late 2001. This represented an average inflation of about 38% per year. Prime Minister Recep Tayyip Erdoğan had called this problem a "national shame". In late December 2003, the Turkish Parliament passed a law which allowed for the removal of six zeroes from the currency, and the creation of the Turkish new lira. The introduction of the Turkish new lira has also been accompanied by two new banknotes which did not have equivalents in the old system: TRY 100 and TRY 50.
With the revaluation of the Turkish old lira, the Romanian leu (also revalued in July 2005) briefly became the world's least valued currency unit.
[edit] Future development
The official name of the currency is "New Turkish Lira". According to the Central Bank, the word "new" (yeni) is only a "temporary" measure [1]. A news agency reported that "new" will be removed on January 1, 2009. The same source also indicated that the banknotes will have "different shapes and sizes to prevent forgery". The issuance of a new highest denomination, 200 lira, is contemplated at the same time. [2]
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[edit] See also
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| People | Biographies | Turkic peoples · Turkish people · People of Turkey | Atatürk · İsmet İnönü · Bülent Ecevit |
| History | Sultanate of Rûm · Anatolian Turkish Beyliks · Ottoman Empire (Rise • Growth • Stagnation • Decline • Dissolution) · Republican history (War of Independence • Single-party period • Multi-party period) · Military history · Constitutional history · Economic history · Timeline |
| Politics and government | Republic of Turkey · President · Prime Minister · Parliament · Political parties · Elections · Foreign relations · Military · Secularism |
| Legal system | Constitution · Constitutional Court · Law enforcement |
| Geography | Tourism | Anatolia · Regions · Provinces · Districts · Cities · Environment · Mountains · Islands · Rivers | Turkish Riviera |
| Economy | Transport | Industries · Companies · Stock Exchange · Central Bank · Banks · EU Customs Union · Southeastern Anatolia Project · New lira | Railways · Aviation |
| Demographics | Turkish language · Education · Religion · Turkish diaspora · Immigration · Human rights |
| Culture | Architecture · Art · Cinema · Cuisine · Dance · Festivals · Folklore · Holidays · Literature · Music · Sport · Theatre |
| Media | Newspapers · Radio stations · Television |
| Symbols | Emblem · Flag · National anthem |
[edit] References
- ^ Central Bank of the Republic of Turkey. Frequently Asked Questions on YTL. Retrieved on September 28, 2006.
- ^ Turkish Daily News (2006-09-15). TL banknotes to be in circulation in 2009. Retrieved on September 28, 2006.
[edit] External links
- Images of the new banknotes and coins
- (Turkish) (English) Turkish new lira official changeover Campaign
- (Turkish) (English) YTL information site
- Banknotes of Turkey
- (Turkish) (English) Ottoman Empire coins
- (Turkish) (English) Turkish Republic coins and banknotes
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| Topics | Eurozone · Currencies related to the euro · European Monetary System · European Currency Unit · European Exchange Rate Mechanism · Economic and Monetary Union of the European Union · Stability and Growth Pact · Introduction of the euro · Euro coins · Euro banknotes · Euro sign · Linguistic issues concerning the euro |
| Coins by country – adopted |  Austria ·  Belgium ·  Finland ·  France ·  Germany ·  Greece ·  Ireland ·  Italy ·  Luxembourg ·  Monaco ·  Netherlands ·  Portugal ·  San Marino ·  Slovenia ·  Spain ·  Vatican |
| Coins by country – future |  Bulgaria ·  Cyprus ·  Czech Rep. ·  Estonia ·  Hungary ·  Latvia ·  Lithuania ·  Malta ·  Poland ·  Romania ·  Slovakia |
| Coins by country – other |  Andorra ·  Denmark ·  Sweden ·  UK |
| Coins by denomination | €0.01 · €0.02 · €0.05 · €0.10 · €0.20 · €0.50 · €1 · €2 · €2 commemorative coins |
| Pre-euro currencies | Austrian Schilling · Belgian franc · Dutch gulden · Finnish mark · French franc · German Mark · Greek drachma · Irish pound · Italian lira · Luxembourgish franc · Monegasque franc · Portuguese escudo · Sammarinese lira · Slovenian tolar · Spanish peseta · Vatican lira |
| ERM II currencies | Cypriot pound · Danish krone · Estonian kroon · Latvian lats · Lithuanian litas · Maltese lira · Slovak koruna |
| Other EU currencies | British pound · Bulgarian lev · Czech koruna · Gibraltar pound · Hungarian forint · Polish złoty · Romanian leu · Swedish krona |
| Note: Denmark and the UK currently opt to maintain their national currencies, the krone and the pound. Sweden has not made any further efforts towards its obligation to join (and withdraw the krona) after the failed referendum in 2003. | |
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| Eurozone | Euro |
| Northern | Danish krone · Faroese króna · Icelandic króna · Norwegian krone · Swedish krona |
| Baltic | Estonian kroon · Latvian lats · Lithuanian litas |
| Western | British pound · Guernsey pound · Jersey pound · Manx pound |
| Central | Czech koruna · Hungarian forint · Polish złoty · Slovak koruna · Swiss franc |
| Eastern | Belarusian ruble · Kazakhstani tenge · Russian ruble (Russia and Abkhazia and South Ossetia (unrecognized)) · Transnistrian ruble (unrecognized) · Ukrainian hryvnia |
| Southeastern | Albanian lek · Bosnia and Herzegovina convertible mark · Bulgarian lev · Croatian kuna · Macedonian denar · Moldovan leu · Romanian leu · Serbian dinar |
| Mediterranean | Cypriot pound · Gibraltar pound · Maltese lira · Turkish new lira (Turkey and Northern Cyprus (unrecognized)) |
| Transcaucasia | Armenian dram (Armenia and Nagorno-Karabakh (unrecognized)) · Azerbaijani manat · Georgian lari |
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| Central | Afghan afghani · Kazakhstani tenge · Kyrgyz som · Mongolian tugrug · Russian ruble · Tajik somoni · Turkmen manat · Uzbek som |
| East | Chinese yuan · Hong Kong dollar · Japanese yen · Macanese pataca · North Korean won · New Taiwan dollar · South Korean won |
| South-East | Brunei dollar · Cambodian riel · Indonesian rupiah · Lao kip · Malaysian ringgit · Myanmar kyat · Philippine piso · Singapore dollar · Thai baht · U.S. dollar (East Timor) · Vietnamese đồng |
| South | Bangladeshi taka · Bhutanese ngultrum · Indian rupee · Maldivian rufiyaa · Nepalese rupee · Pakistani rupee · Sri Lankan rupee |
| West | Armenian dram · Azerbaijani manat · Bahraini dinar · Cypriot pound · Egyptian pound · Georgian lari · Iranian rial · Iraqi dinar · Israeli new sheqel · Jordanian dinar · Kuwaiti dinar · Lebanese lira · Omani rial · Qatari riyal · Saudi riyal · Syrian pound · Turkish new lira · UAE dirham · Yemeni rial |
