Search results
Results from the WOW.Com Content Network
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 Turkish lira partially recovered in early 2021 with the government's increase in interest rates. However, the currency began to crash due to inflation and depreciation starting on 21 March 2021, after the sacking of Central Bank chief Naci Ağbal. The Turkish lira reached a then-all-time-low of ₺8.8 to the dollar on 4 June.
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.
From 1 January 2009, the "new" was removed from the second Turkish lira, its official name in Turkey becoming just "Turkish lira" again; new coins without the word "yeni" were introduced in denominations of 1kr., 5kr., 10kr., 25kr., 50kr. and TL 1. Also, the inner and outer alloys of the 50kr. and TL 1 coins were reversed.
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.
Since 1640 the value of para was settled relative to Ottoman currency, at 3 akçe. In the 16th and 17th centuries pare were minted in many parts of the empire, in Asia and north Africa. [3] In 1688 the Ottoman kuruş was introduced, equalling 40 para. In 1844, a kuruş was, in turn, 1 ⁄ 100 of the newly introduced Ottoman lira.
In some countries, there are multiple levels of subunits. In the former Ottoman Empire, 1 lira = 100 [kuruş] = 4000 para = 12000 [akçe]. Today, only a few places have more than one subunit, notably the Jordanian dinar is divided into 10 dirham, 100 qirsh/piastres, or 1000 fils.
In the transitional period between 1 January 2005 and 31 December 2008, the second Turkish lira was officially called "new Turkish lira" (abbr: YTL) in Turkey. Banknotes, referred to by the Central Bank as the "E-8 Emission Group", were introduced in 2005 in denominations of YTL 1, YTL 5, YTL 10, YTL 20, YTL 50, and YTL 100.