Turkish lira against the dollar and other currencies

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The Turkish lira has been the official currency of Turkey since 1923. It is divided into one hundred kuruş. In the article you will find not only a description and a brief historical background, but also the value in the world market, in which the Turkish lira is valued against the dollar and other currencies at the exchange rate for 2017.

A Brief History

The Turkish lira was put into circulation as early as 1923, during the reign of Turkey's first president, Atatürk.

At the end of the 20th century. Turkey was going through a deep economic crisis, in connection with which the national currency began to depreciate very quickly. The Turkish lira had an incredibly low exchange rate against the dollar. The government of the country was forced to carry out various anti-inflationary measures, during which in 2005 the old currency was replaced by a new Turkish lira at a rate of one to a million.

Today, the country has both paper banknotes and metal coins. During the transition period from old banknotes to new ones, the currency was called the "New Turkish Lira", and since January 2009 its historical name was returned to it, and now it is again called the "Turkish Lira".

Coins and banknotes

Today, in Turkey, coins with a denomination ofone, five, ten, twenty-five and fifty kurush, there is also a one-lira coin. All coins have a portrait of the first head of the new republic, Mustafa Kemal Ataturk.

Paper banknotes also depict similar-type portraits of the first head of the Turkish Republic. Paper banknotes in denominations from five to two hundred Turkish liras are in circulation.

Turkish lira against the dollar and other currencies

Today, the Turkish lira is no longer depreciating as quickly as it was at the beginning of the twentieth century. Its rate is quite stable, but the cost is not too high. The approximate exchange rate of the Turkish lira against the dollar today is about $0.28. In accordance with this rate, one dollar gives approximately three and a half lira.

The ratio of the dollar to the Turkish lira is clear, but what about the other currencies? If you compare the Turkish currency with the Russian ruble, then for one ruble you will get about 0.06 ₺. For one lira they give about sixteen rubles.

For one euro you can get almost four Turkish liras or exchange lira for euro at the rate of about 0.26 euros.

The lira exchange rate against the dollar is quite favorable and you can exchange money at almost any exchange office. Approximately the same situation is with the European currency, Russian rubles and British pounds. This is due to the fact that the largest flow of tourists to the country is sent from these regions. The exchange fee is usually not too high. Peroutside of Turkey, it is almost impossible to exchange the national currency for Turkish, because there are few companies working with this currency.

The exchange rate is unstable because the country uses a floating exchange rate system, which adjusts to price fluctuations in the global foreign exchange market. Therefore, the Turkish lira has a volatile exchange rate against the dollar and other currencies.

Conclusion

The Turkish economy, which was going through difficult times at the beginning of the 2000s, was able to cope with the crisis largely due to the fact that the national currency was denominated. After that, the Turkish lira against the dollar began to cost much higher than during the protracted crisis.

Today, the Turkish government is doing everything to ensure that the situation with the devaluation of the national currency does not happen again. Partly due to this, the Turkish economy is now showing good indicators, although the well-being of the population, although lower than in Europe, is quite high, especially in comparison with many other states of Western Asia, Transcaucasia and other regions neighboring Turkey.