Turkish Currency | Turkish Lira
The official currency of the Republic of Turkey is Turkish lira. The Turkish Lira is divided into subunits called kuruş. Read More.
Turkey is an Asian-European destination, moreover, its location makes it a highly oriented destination for tourists from all around the globe throughout the year. Subsequently, Euros, US Dollars and other currencies are accepted in the daily transactions on stores, retails and markets in Turkey all at different rates to Turkey currency.
- Turkey Currency
- What is the currency of Turkey?
- What types of currency are accepted in Turkey?
- Evaluation of Turkish Old Lira " 3 stages"
- Turkish Lira and Money in Turkey
- Turkey currency to USD
What is the currency of Turkey?
What Currency in Turkey? Money in Turkey or Turkey Money is called, The Turkish Lira, TL, sign: ₺; code: TRY, is the officially declared currency of Turkey and the Turkish Republic of Northern Cyprus.
The sign - ₺ - was designed by the designer Tülay Lale, which is a combination and manipulation of the letter 'L' like a half anchor, and the embedded double-striped letter 'T' angled at 20 degrees. The selection of the icon was set after a national competition, ended with 7 nominees in front of the Central Bank, to be announced by Prime Minister Recep Tayyip Erdoğan as the official symbol of the Turkish Lira in March 2012.
Evaluation of Turkish Old Lira " 3 stages "
The Ottoman Lira (1844–1923):
By virtue of The Roman Empire authorities in the medieval times, the European and Middle Eastern even the Near-East currencies got their roots from The ancient Romans units of weight, the Libra or Pound in English, referring to the Silver Troy Pound.
Turkey used the Turkish Lira, until 1794 France had the French livre, up till 2002 Italy adapted the Italian lira, and The United Kingdom had the British pound which still abbreviated with “LB”. By 1844, The Ottoman Empire introduced the Ottoman Lira to be the official currency of the ottoman land, keeping the kuruş as a 1⁄100 subdivision.
First Turkish lira (1923-2005)
By 1926, post the World War II (WWII), the official gazette issued the official banknotes that were canceled by the Democrat Party. Until 1966, the Turkish Lira devalued to 9 Turkish lire = 1 U.S dollar. The severe decline in the Turkish Lira value continued to descend gradually up till reaching the value of 1 U.S. dollar = 2,650,000 Turkish lira in 2001 to make the Turkish Lira ranking as the least valuable currency in the world before 2005 revaluation.
Second Turkish lira (2005–present)
In 2003, in a correction step to rescue the Turkish Lira avoiding the inflation, the Grand National Assembly of Turkey issued a redenomination with removing 6 zeros from the Turkish lira (Turkey Money), subsequently, creating a new currency, as an introductory step to The Second Turkish lira issued in 2005. Up till the end of the same year – 2005 – and before the erasing of the first Turkish Lira, the rate of 1-second Turkish lira = 1,000,000 first Turkish lira, additionally, a new two banknotes were issued with Turkey currency value of 50 and 100 values. The re-valuation of the Turkish Lira cause the descending of the Romanian leu to be the least world valued currency unit.
Turkish Lira and Money in Turkey
The New Turkish lira 2005 – 2008
The new declared currency, the second Turkish lira was entitled Yeni Türk lirası – YTL-"New Turkish lira" with subdivision of 100 new kuruş (Yeni kuruş). Dominating the banknote market and Daily banking transactions in 2009, the term ‘New’ was dropped off and the previously called New Turkish Lira was announced as the "Turkish lira”, abbreviated "TL". The banknotes got different sizes avoiding forgery. Coins were minted without the expression ‘Yeni’ in values of 1, 5, 10, 25, 50 kuruş.
Nowadays, The Turkish Lira banknote got the portraits of Mustafa Kemal Atatürk, the founder of the modern Turkish Republic. Exchanging your native currency to the Turkey lira during your Turkey Travel Package would be an easy process through the Turkish local banks, International banks in Turkey, exchange offices, in the airport, hotels, and ATMs that spread all around for quick cash. Credit and debit cards, Visa, MasterCard, American Express and other payment options are accepted for cash withdrawal immediately. The exchange rate of Turkey's lira went through a long series of ups and downs. In 2019, the Turkey currency rates reached 1 TRY = 0.17 USD and 1 TRY = 0.16 EUR.
Here are some frequently asked questions about Turkish currency:
What is the symbol for the Turkish lira?
The symbol for the Turkish lira is "₺".
What denominations are available for Turkish lira?
The Turkish lira is available in the following denominations: banknotes - 5, 10, 20, 50, 100, 200 lira and coins - 1, 5, 10, 25, 50 kuruş and 1 lira.
What is the current exchange rate for Turkish lira?
The exchange rate for Turkish lira varies depending on the currency being exchanged. You can check the current exchange rates online or at a currency exchange.
Is it better to exchange currency in Turkey or before arriving?
It is generally recommended to exchange currency before arriving in Turkey, as exchange rates at airports and tourist areas may be less favorable. However, there are many currency exchange offices throughout Turkey where you can exchange money.
Can I use US dollars or Euros in Turkey?
While some tourist areas may accept US dollars or Euros, the official currency in Turkey is the Turkish lira and it is recommended to use lira for transactions.
Are credit cards widely accepted in Turkey?
Credit cards are widely accepted in Turkey, particularly in larger cities and tourist areas. However, it's always a good idea to carry some cash for smaller transactions and in case of technical difficulties with card payments.
Are there any restrictions on taking Turkish lira out of the country?
There are no restrictions on taking Turkish lira out of the country, but there are limits on the amount of currency that can be taken out without declaring it. It's a good idea to check with your bank or currency exchange office for more information on restrictions and regulations.