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» Personal Loan No Credit Check, Online Economics » Currency » Topics begins with T » Turkish Lira


Page modified: Wednesday, July 13, 2011 03:05:48
New Turkish Lira
Country:Turkey
Partitioning:100 Yeni Kurus
ISO-4217-Code:TRY
Abbreviation:YTL
Rate of exchange: (3. March 2006)1 EUR = 1.5590 YTL1 YTL = 0.6441 EUR

The new Turkish Lira (Yeni Lirasi, ISO code TRY) is the official currency of Turkey and north Cyprus. It was introduced and replaced by a currency reform to 1 January 2005 since 1 January 2006 the predecessor currency Turkish Lira (ISO code TRL), whereby one million became old Turkish Lira a new Turkish Lira.

Currency history

Osmani realm and gold standard

The currency common at times of the Osmani realm was the , which was replaced later by the Kurus (groschen). The subunit due to it was the Para, which formed the vierzigsten part of a Kurus. Of the Banque imperial Ottomane was emitted money in units between five and 5.000 Kurus.

Center of the 1870er years was introduced as new upper unit the Lira, which corresponded to 100 Kurus. End of the First World War was abolished the gold standard - up to then was the Lira at gold (gold Lira) and the Kurus at silver (Silberkurus) binds. The paper Lira introduced after the war corresponded related to value in for instance a Neuntel to the gold Lira.

Establishment of the republic

After the establishment of the Turkish republic the osmanische Lira was replaced by the Turkish, on whose front first haven-guesses/advises was shown. After death (1938) notes with the image of the new president Ismet were introduced, into the 1950ern returned again haven-guessed/advised on the cash notes.

Inflation

Since more jeher the Turkish/osmanische currency under an enormous inflation suffered. This led to a constant, strong depreciation of the Lira in relation to other currencies. If the depreciation still amounted until 1970 to on the average eight per cent per year, then the monetary depreciation rose starting from this time rapidly and found only in the year 2004 their end. Since then the value of the Turkish Lira rises:

  • 1933 - 1 US Dollar = 2 Lira
  • 1966 - 1 US Dollar = 9 Lira
  • 1970 - 1 US Dollar = 13 Lira
  • 1980 - 1 US Dollar = 90 Lira
  • 1988 - 1 US Dollar = 1,300 Lira
  • 1995 - 1 US Dollar = 45,000 Lira
  • 2001 - 1 US Dollar = 1.650.000 Lira
  • 2005 - 1 US Dollar = 1.29 Yeni Lirasi (new Turkish Lira)

Due to the serious inflation the Kurus end of the 1980er disappeared years gradually from the everyday life use, prices soon in millions and billions Lira was indicated. Already into the 1990ern therefore the Prime Minister minister at that time Tansu the Lira in the relationship 1.000:1 wanted to change over, could not however with her goal not to succeed. Therefore Turkey had that world-wide "largest "cash note of 20.000.000 Lira, to which however end of 2003 straight still eleven euro corresponded.

Currency reform 2005

Again according to the turn of the century the Turkish central bank Cumhuriyeti Merkez Bankasi) planned a currency reform. This should be originally accomplished only 2006, however due to the strongly declining inflation (2005 were it about seven per cent, while the middle inflation rate amounted to between 1971 and 2002 over 40 per cent) was preferred.

To 1 January 2005 the Turkish republic with the new Turkish Lira introduced a new currency. A new Lira corresponds to the value of 1.000.000 old Lira. The currency reform was not connected with an up or a devaluation in relation to other currencies actually, yet since then the value of the Turkish currency rises both in relation to the US Dollar and opposite the euro. The new Lira reached meanwhile an exchange rate value of over 63 euro cent (conditions 16 November 2005).

20 years ago the Kurus pulled more than from traffic was again introduced (100 Kurus = 1 new Lira). The notes are new to 50 and 100 Lira. By 31 December 2005 both the old and the new Lira applied parallel as official currency. Since at the beginning of 2006 there is only the new Turkish Lira.

The currency reform is part of the reform efforts of the Turkish state, in order to fulfill the criteria for an European Union membership. From the new currency the Turks expect on the one hand a psychological stabilization of the Lira (the low numbers on the lights are to return the confidence to humans into the currency), on the other hand one achieve one a clear easement of the everyday life life, since price markings are clearer starting from 2005.

The old lights can be exchanged however still to at the end of of 2015 in the branches of the Turkish central bank, only starting from 2016 be become them worthlessly.

The Turkish abbreviation YTL is spoken "YeTeLe". This term did not become generally accepted in Turkey however yet, most Turks counts further in "million". Also the price honor is further in the old millions Turkish Lira or even in both currencies (e.g. 1.400.000 TL/1.40 YTL). (Conditions: 6. April 2006)

Danger of mistake with the euro

The organization of the new Turkish is criticized by It resembles the European two-euro-coin with golden core and silver edge. Also size and weight are similar. Who accepts inadvertently a Turkish Lira instead of two euro, a bad business makes: The coin is only approx. worth 63 cent and in Germany von Banken not to the conversion is accepted. Same applies also to the new which can be confounded with the

Notes and coins

New notes and coins starting from 2005

Coins:

  • 1 Yeni Kurus
  • 5 Yeni Kurus
  • 10 Yeni Kurus
  • 25 Yeni Kurus
  • 50 Yeni Kurus
  • 1 Yeni Lirasi

Notes:

  • 1 Yeni Lirasi
  • 5 Yeni Lirasi
  • 10 Yeni Lirasi
  • 20 Yeni Lirasi
  • 50 Yeni Lirasi
  • 100 Yeni Lirasi

All cash notes carry Mustafa Kemal on the front haven-guess/advise the Turkish state founder. On the backs culture and are shown.

In addition are more difficult the new lights to falsify than the old.

Old notes and coins until 2005

The "old" Lira was likewise in 100 Kurus (groschens) partitioned. Last available form:

Coins:

  • 25,000 Lirasi
  • 50,000 Lirasi
  • 100,000 Lirasi
  • 250,000 Lirasi

Notes:

  • 100,000 Lirasi
  • 250,000 Lirasi
  • 500,000 Lirasi
  • 1.000.000 Lirasi
  • 5.000.000 Lirasi
  • 10.000.000 Lirasi
  • 20.000.000 Lirasi

See also:

  • Hyperinflation

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