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The new Turkish lira (Turkish: Yeni Türk Lirası) was the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus between 1 January 2005 and 31 December 2008 which was a transition period for the removal of six zeroes from the currency. [1] The new lira was subdivided into 100 new kuruş (yeni kuruş).
At the time of the occupation in 1878, for the purpose of paying the troops the British government instructed that a Turkish lira was to be rated at 9 ⁄ 10 of a pound sterling. [5] There was a complication, however, in that although one lira was equal to 100 Turkish piastres , this rate differed in practice between different locations.
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
The Turkish Lira has plunged after President Erdogan unexpectedly fired central bank governor Naci Agbal. Yahoo Finance’s Emily McCormick and Brian Cheung discuss with Emily Weis, State Street ...
The Turkish lira tumbled to a fresh record low Wednesday, extending its slide against the U.S. dollar since President Recep Tayyip Erdogan started his third term. The decline took the currency's ...
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.
For the Turkish lira, the Turkish lira sign (U+20BA ₺ TURKISH LIRA SIGN) is used. The Lebanese lira uses £L (before numerals) or L.L. (after numerals) in Latin and ل.ل. in Arabic. The Syrian lira uses £S (before numerals) or L.S. (after numerals) in Latin and ل.س in Arabic.
Turkish lira has also replaced Syrian pound in other Turkish occupied areas of northern Syria, such as Afrin and Jarablus. [ 20 ] On 31 December 2022, the Syrian pound hit a new record low again on the black market, where each US$1 cost LS 7,150, twice as much as a year before. [ 21 ]