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After periods of the lira pegged to sterling and the franc, a peg of TL 2.8 = US$1 was adopted in 1946 and maintained until 1960, when the currency was devalued to TL 9 = US$1. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall.
Because of the chronic inflation experienced in Turkey from the 1970s through to the 1990s, the old lira experienced severe depreciation. Turkey has consistently had high inflation rates compared to developed countries: from an average of 9 lira per U.S. dollar in the late 1960s, the currency came to trade at approximately 1,650,000 lira per U.S. dollar in late 2001.
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
Investing.com - The pound and the Turkish lira were pressured lower in currency markets on Monday, while the dollar remained steady against a currency basket in holiday-thinned trade.
Until the 1930s and the Turkish alphabet reform, the Arabic script was used on Turkish coins and banknotes, with پاره for para, قروش for kuruş and ليرا for lira (تورك ليراسي for 'Turkish lira'). In European languages, the kuruş was known as the piastre, whilst the lira was known as the livre in French and the pound in ...
The lira was the currency of Italy from its unification until it was merged into the euro in 1999. [2] A unit of currency lira had previously been used in some of the states and possessions that became Italy but their values were not necessarily equivalent. (See Luccan lira, Papal lira, Parman lira, Sardinian lira and Tuscan lira.)
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The pound, or lira (Greek: λίρα, plural λίρες, and Turkish: lira, Ottoman Turkish: لیره, from the Latin libra via the Italian lira; sign: £, sometimes £C [1] for distinction), was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, [2] [3] from 1879 to 2007, when the Republic of Cyprus adopted the euro.
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