The exchange unit of the Turkish lira is kurush, 100 kurush constitute 1 lira. This ratio was adopted as a result of the 2005 reform by the Central Bank, and as a result, the currency was introduced into circulation with the name "New Turkish Lira" - a designation formed due to sharply arisen inflation. The Turkish lira is today the official currency of Turkey, approved on October 29, 1923 by the reformer and founder of the modern Turkish state Atatürk. It takes its name from the Latin word libra, which translates as "scales." This word was used as a measure of the weight of silver in the calculations of merchants.
Turkish lira designation
In 2009, at the end of the denomination process and the transition period, the prefix “new” was officially canceled. The Turkish lira designation has also changed from YTL to TRY. The second is official today and is used everywhere. The old designation of the Turkish lira is often found in everyday life. Especially among those who found the period of denomination. It stands for Yeni Turk Liras, which means "new Turkish lira."
Symbol and code of Turkish money
What are they? The symbol of the Turkish lira is a slightly distorted Latin letter L, crossed out twice twice from above. Crossings add the Latin letter t, symbolizing the name of the country. The author was Tulay Lale in 2012 as a result of a competition held by the Central Bank of Turkey. It is more likely a coincidence, but it is possible that Lale used the letters of his first and last name.
The Turkish lira code according to the international standard ISO 4217 has a value of 949.
Currency exchange and the relation to the ruble
The exchange of the Turkish lira can be made in almost all countries of the world. Including in Russia. There are a considerable number of exchange points in St. Petersburg and Moscow. This information will not be superfluous for those who forgot to exchange lira for rubles, relaxing in Turkey, or changed their minds about going to this country next time. The following exchange points are located in St. Petersburg: the hard currency exchange center at Bolshaya Konyushennaya, the Lakhta exchange center. In Moscow there is only one point, it is called "49 currencies" and is located on the street. Cannon, d. 3.
The ratio of the Turkish lira to the ruble is estimated by Sberbank at 12.65 (at the Central Bank of the Russian Federation rate as of December 5, 2018).
Denominations of paper notes
From January 1, 2009, Turkish banknotes have denominations of 5, 10, 20, 50, 100 and 200, before that they had to be attributed a few zeros, but after denomination they returned to their normal form. The face value of the currency until 2005 reached 10,000,000 lire. Turkish authorities tried to withdraw money from circulation by charging interest on bank card transfers. But this did not bring any result, since even paying for products in the store with banknotes with a huge denomination was completely inconvenient.
The appearance of paper money
On the front of all bills is the founder and subsequently the first president of the Republic of Turkey, Mustafa Kemal Atatürk - one of the most respected people in the country. In the production of banknotes, the following colors are used: brown, red, green, orange, blue, purple.
On the reverse of the 5 lira note, a professor and science historian Aydin Sayyly is depicted. As a symbol of his activity, a chain of atoms and their structure are depicted next to his portrait. The size of the bill is 130 mm in length and 64 mm in width.
Professor mathematician Jahid Arfa and his theorem are depicted on a banknote with a nominal value of 10 lira, whose size is 136 mm in length and 64 mm in width.
The banknote of 20 lire has a size of 148 x 62 mm, on its reverse is a portrait of Mimar Kemaleddin and an image of the University of Gazi. To the left in the column are geometric shapes: ball, cube and cylinder.
The famous writer Fatma Aliye Topuz is depicted on the reverse of a bill measuring 148 x 68 mm and a nominal value of 50 lire. In addition to her portrait, there are books, a pen, an inkwell and paper on the bill.
Musical instruments and notes belong to the seated figure of Rumi and musician Bukhurizade Itri. All this is depicted on a bill of 100 lire measuring 154 x 72 mm.
Well, and finally, the largest bill in Turkey - 200 lire size 160 x 72 mm. The reverse depicts the poet Yunus Emre, his mausoleum, as well as roses and pigeons as a symbol of freedom.
Denominations of coins of the Turkish lira
In 2008, after updating the denomination of Turkish coins, 1, 5, 10, 25, 50 kurusha and 1 lira became. They are made of copper and zinc, and a nickel alloy began to be added to newer ones. In circulation, you can find both new and old coins. Some, released in 2005, are called Yeni Turk Lirasi and Yeni Kurus, which means "new Turkish lira" and "new kurush". Other coins are called Turk Lira and Kurus. It is easy to see that only the word “new” has been removed, the face value of both of them is the same.
What do Turkish lira coins look like?
The appearance of the coins of Turkey is not particularly original. This is partly due to the unpopularity of Turkish coins as a whole, given the maximum face value is only 1 lira. As in the case of paper money, on the obverse is a portrait of the founder of the country, Ataturk. On the reverse, except for the face value and simple patterns, there is nothing interesting.
The dynamics of the Turkish Lira
The main budget revenues of Turkey are formed by the profit from tourism. On the one hand, this fact cannot but rejoice, but on the other hand, on the contrary, the huge amount of different types of money that tourists come with cannot but create difficulties for the national currency. The Turks themselves prefer to pay in dollars and euros, which again reduces the liquidity of Turkish money. The Turkish lira has been steadily falling for many years, the authorities are constantly trying to change the situation, but their attempts do not bring tangible results. The course rises or falls again, in many respects it is connected with the activities of the Central Bank of Turkey, very often at the wrong time turning on the printing press.
In addition, a floating exchange rate regime with an independent banking policy and the lack of interest rate control enriches only the employees and owners of these banks, but does not strengthen the national currency in the interest of ordinary citizens. At present, the interest rate in Turkey is as much as 24%, and, according to Erdogan, it creates inflation in the economy. After all, the debt of businessmen on a loan is laid down in the cost of all goods and services, sometimes the percentage for paying a loan exceeds the costs of production and transportation. Subsequently, this situation can drive into the debt hole not only business, but also the common population.
Latest Currency News
Turkish President Erdogan recently said that the Central Bank’s independent policy is dropping the Turkish lira, noting that inflation has stabilized after advising the bank to cut interest rates. This statement can be safely called sensational, because the president questions one of the main economic dogmas. Once the inhabitants of the United States were sharply against the independence of the Central Bank from state power, but the Congress decision sentenced alternative points of view to the impossibility of becoming a reality, adopting the Federal Reserve System Act in 1913. From that moment, the Central Bank of the United States is a private corporation and can print money on its own, while having independence from the state. All countries followed the same example, but Erdogan, the president, who declared the futility of membership in the European Union and NATO, continues to bend his line, which cannot but affect how much the Turkish lira costs at the moment. The conflict with the United States, on the one hand, allows Turkey to declare its sovereignty, and on the other, undermines confidence in the national currency in the short term.
On the one hand, the economic confrontation with the United States greatly undermines confidence in the Turkish economy, and on the other, it opens up new opportunities for cooperation with other countries. In connection with the attempt in Turkey to organize a coup d'etat, the pastor from America, Andrew Brunson, was sent to prison, in response to this, Donald Trump decided to increase duties on aluminum and steel. In a coup attempt, all suspicions fall on the United States, in connection with which Recep Erdogan decides to establish active cooperation with Russia, China and Iran. Of course, it will take a lot of time to establish strong ties, the process of merging with new partners cannot be quick and easy, but to strengthen the Turkish lira this is certainly a plus, because new markets give an appreciation. Moreover, the presidents of the above countries plan to make settlements not in dollars or euros, but in the national currencies of their states, which will also positively affect the stability of the Turkish financial system, as well.
In the ideal case, Turkey plans to completely abandon cash transactions in the US currency, as recently the United States has more often positioned itself as a global hegemon than a stable economic partner. The American political establishment is trying by various methods to weaken the Turkish economy, acting on it even on social networks, publishing through the nominees information about the collapse of the Turkish currency.
If you try to predict the lira course for many years to come, then thanks to the possible acquisition of real financial and political independence by Turkey, the national currency should show constant growth in the future.