The Turkish lira, code TRY, is the official currency of the Republic of Turkey and the Turkish Republic of Northern Cyprus, (only officially recognized by Turkey). The lira is subdivided into 100 kurus, and is managed by the Central Bank of the Republic of Turkey in Ankara.
The Turkish lira replaced the Ottoman lira at the fall of the Ottoman Empire. In 1946, the lira was pegged to the US dollar at 1 USD equal to 2.8 lira, a rate which stayed in place until 1960. In 1960, a devaluation occurred, sending the lira to 9 lira equal to 1 USD, lower still from 1966 through 2001, when a new lira was introduced at 1.29 new lira equal to 1 USD. As of the year 2012, the Turkish lira was valued at 1.79 lira equal to 1 USD. The lira was the world’s least valued currency from 1995 to 1996, and again from 1999 to 2004. The current symbol for the lira was newly introduced by the Central Bank of the Republic of Turkey in 2012.
Name: Turkish lira
Decimal Unit: 1/100th kurus
Coins: 5, 10, 25, 50 kurus;1 lira
Notes: 5, 10, 20, 50,100 lira
Central Bank: Central Bank of the Republic of Turkey
Country(ies): Turkey, Turkish Republic of Northern Cyprus (only recognized by Turkey)
The Turkish lira is currently in circulation in coin values of 5, 10, 25, and 50 kurus, and 1 lira, with a rarely used 1 kuru seldom seen in everyday life. Notes in circulation today include the 5, 10, 20, 50, and 100 lira notes, as well as a rarely used 200 lira note. All front sides of lira banknotes feature the first president of Turkey, Mustafa Kemal Atatürk, also pictured on the reverse side of lira coins.