Turkish Lira is the official currency of Turkey since 1923. It is divided into one hundred kurush. In the article you will find not only a description and a brief historical background, but also the value on the world market, in which the Turkish lira to the dollar and other currencies is estimated at the exchange rate for 2017.
Short story
The Turkish lira was put into circulation back in 1923, during the reign of the first Turkish president Ataturk.
At the end of XX century. Turkey was experiencing a deep economic crisis, and therefore the national currency began to depreciate very quickly. The Turkish lira against the dollar had an incredibly low rate. The government was forced to carry out various anti-inflationary measures, during which in 2005 the old currency was replaced by the new Turkish lira at the rate of one in a million.
Today in the country there are both paper banknotes and metal coins. In the transition period, from the old banknotes to the new currency, it was called the New Turkish Lira, and since January 2009 it was returned the historical name, and now it is again called the Turkish Lira.
Coins and Banknotes
To date, in Turkey, coins in denominations of one, five, ten, twenty five and fifty kurush are in use, there is also a coin in denominations of one lira. All coins have a portrait image of the first head of the new republic, Mustafa Kemal Ataturk.
Paper banknotes also feature portraits of the first chapter of the Republic of Turkey similar in type. In circulation are paper notes in denominations of five to two hundred Turkish liras.
Turkish lira to dollar and other currencies
To date, the Turkish lira is no longer depreciating as quickly as at the beginning of the twentieth century. Her rate is quite stable, but the cost is not too high. The approximate rate of the Turkish lira to the dollar today is about $ 0.28. In accordance with this exchange rate, approximately one and a half lira is given for one dollar.
The relation of the dollar to the Turkish lira is understandable, but what about the issue with other currencies? If you compare the Turkish currency with the Russian ruble, then for one ruble you will receive about 0.06 ₺. For one lira they give about sixteen rubles.
For one euro, you can get almost four Turkish lira or exchange the lira for the euro at the rate of about 0.26 euros.
The lira exchange rate against the dollar is quite profitable and you can exchange money at almost any exchange office. Approximately the same situation is with the European currency, Russian rubles and British pounds. This is due to the fact that the largest flow of tourists to the country is sent from these regions. Exchange fees are usually not too high. Outside of Turkey, it is almost impossible to exchange the national currency for Turkish, because there are few companies working with this currency.
The exchange rate is unstable, because the country uses a floating exchange rate system that adapts to price fluctuations in the global foreign exchange market. Therefore, the Turkish lira against the dollar and other currencies has a variable rate.
Conclusion
The Turkish economy, which was going through difficult times at the beginning of the 2000s, was able to cope with the crisis largely due to the fact that the national currency was denominated. After that, the Turkish lira against the dollar began to cost much higher than during the protracted crisis.
Today, the Turkish government is doing everything to ensure that the situation with the devaluation of the state currency is no longer repeated. Partly due to this, the Turkish economy is now showing good indicators, although the welfare of the population is lower than in Europe, but the prosperity of people is quite high, especially in comparison with many other countries of the Near East, Transcaucasia and other regions neighboring Turkey.