Turkish lira

Turkish lira
Türk lirası (Turkish)

₺200 banknote (obverse)
ISO 4217
Code TRY
Number 949
Exponent 2
Denominations
Subunit
  1⁄100
Plural The language(s) of this currency does not have a morphological plural distinction.
Symbol ₺[1]
Banknotes ₺5, ₺10, ₺20, ₺50, ₺100, ₺200
Coins
 Freq. used 5kr, 10kr, 25kr, 50kr, ₺1
 Rarely used 1kr
Demographics
User(s)  Turkey
 Northern Cyprus
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 6.57% CPI (April 2016), 1.55% PPI
 Source Central Bank of the Republic of Turkey

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.

History

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 (French) and تورك لیراسی (Ottoman Turkish) 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.

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.

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;[7] 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
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.[8] The new banknotes have different sizes to prevent forgery.[9] 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.[10] The dominant color of the 5-Turkish-lira banknote has been determined as "purple" on the second series of the current banknotes.[11]

Current Turkish lira banknotes
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 pixels per millimetre. For table standards, see the banknote specification table.

Exchange rates

Most traded currencies by value
Currency distribution of global foreign exchange market turnover[12]
Rank Currency ISO 4217 code
(symbol) 		% daily share
(April 2016)
1
  United States dollar
USD ($)
 87.6%
2
  Euro
EUR (€)
 31.3%
3
  Japanese yen
JPY (¥)
 21.6%
4
  Pound sterling
GBP (£)
 12.8%
5
  Australian dollar
AUD ($)
 6.9%
6
  Canadian dollar
CAD ($)
 5.1%
7
  Swiss franc
CHF (Fr)
 4.8%
8
  Chinese yuan
CNY (¥)
 4.0%
9
  Swedish krona
SEK (kr)
 2.2%
10
  Mexican peso
MXN ($)
 2.2%
11
  New Zealand dollar
NZD ($)
 2.1%
12
  Singapore dollar
SGD ($)
 1.8%
13
  Hong Kong dollar
HKD ($)
 1.7%
14
 Norwegian krone
NOK (kr)
 1.7%
15
 South Korean won
KRW (₩)
 1.6%
16
  Turkish lira
TRY (₺)
 1.4%
17
 Indian rupee
INR (₹)
 1.1%
18
  Russian ruble
RUB (₽)
 1.1%
19
 Brazilian real
BRL (R$)
 1.0%
20
 South African rand
ZAR (R)
 1.0%
Other 7.1%
Total[13] 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:


Exchange rate evolution compared to USD, EUR, JPY, GBP and TRY
  •   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 Turkish Lira / April 2012 : ₺1000 = 1.55 Turkish Lira

Currency sign

Turkish lira sign 
Design limits[14] 
Main article: Turkish lira 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.[15] 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.[16] 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".[17]

In May 2012, the Unicode Technical Committee accepted the encoding of a new character U+20BA ₺ TURKISH LIRA SIGN for the currency sign,[18] which was included in Unicode 6.2 released in September 2012.[19]

See also

Current TRY exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB AZN
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB AZN
From XE: AUD CAD CHF EUR GBP HKD JPY USD RUB AZN
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD RUB AZN
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD RUB AZN

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. ↑ "Public Announcement As to the Removal of the Prefix "New" From The New Turkish Lira".
  8. ↑ 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.
  9. ↑ "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.
  10. ↑ "Türk Lirası'nda yeni yüzler". NTV-MSNBC (in Turkish). Anadolu Agency. 3 October 2008. Retrieved 22 March 2012.
  11. ↑ 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.
  12. ↑ "Triennial Central Bank Survey Foreign exchange turnover in April 2016" (PDF). Triennial Central Bank Survey. Basel, Switzerland: Bank for International Settlements. September 2016. p. 7. Retrieved 1 September 2016.
  13. ↑ The total sum is 200% because each currency trade always involves a currency pair.
  14. ↑ "TLSimge". Central Bank of the Republic of Turkey. Retrieved 31 January 2013.
  15. ↑ ""TL SİMGE YARIŞMASI" ŞARTNAMESİ" (PDF) (in Turkish). Türkiye Cumhuriyeti Merkez Bankası. October 2011. Retrieved 9 September 2011.
  16. ↑ "PM Erdoğan announces symbol for Turkish lira", TodaysZaman.com, 1 March 2012
  17. ↑ "Turkey unveils symbol for national currency", TodaysZaman.com, 1 March 2012
  18. ↑ "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.
  19. ↑ "Unicode 6.2.0". The Unicode Consortium. 23 October 2012.

Further reading

External links

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