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The Ottoman lira replaced the piastre (Turkish: kuruş) as the principal unit of currency in the Ottoman Empire, with the piastre continuing to circulate as a subdivision of the lira, with 100 piastres = 1 lira. The para also continued to be used, with 40 para = 1 piastre.
In 1844, the Turkish gold lira was introduced as the new standard denomination. It was divided into 100 silver kuruş and the kuruş continued to circulate until the 1970s. Kuruş eventually became obsolete due to the chronic inflation in Turkey in the late 1970s. A currency reform on 1 January 2005 provided its return as 1 ⁄ 100 of the new lira.
The current currency sign of Turkish lira was created by the Central Bank of the Republic of Turkey in 2012. The new sign was selected after a country-wide contest. [68] The new symbol is composed of the letter L shaped like a half anchor, and embedded double-striped letter T angled at 20 degrees.
The slump in Turkey's lira in the wake of the Turkish military advance into Syria has made it October's worst performing major currency, a move that looks even starker considering most emerging ...
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When the Ottoman Empire collapsed between 1918 and 1922, many of the successor states retained the lira as their national currency. In some countries, such as Cyprus , which have belonged to both the Ottoman Empire and the British Empire, the words lira and pound are used interchangeably.
In a currency, there is usually a main unit (base) and a subunit that is a fraction of the main unit. In some countries, there are multiple levels of subunits. In the former Ottoman Empire, 1 lira = 100 [kuruş] = 4000 para = 12000 [akçe].
The lira, which was down more than 10% at 18.4 to the dollar earlier, strengthened sharply and ended up 25% on the day at 13.15 in reaction to Erdogan's announcement, in its largest daily trading ...