Currency - Turkish lira

The Turkish lira (Türk lirası; sign: ₺; code: TRY; usually abbreviated as TL) is the currency of Turkey and the self-declared Turkish Republic of Northern Cyprus.

The lira, along with the related currencies of Europe and the Middle East, has its roots in the ancient Roman unit of weight known as the libra which referred to the Troy pound of silver. The Roman libra adoption of the currency spread it throughout Europe and the Near East, where it continued to be used into medieval times. The Turkish lira, the French livre (until 1794), the Italian lira (until 2002), and the British pound (a translated version of the Roman libra; the word "pound" as a unit of weight is still abbreviated as "lb.") are the modern descendants of the ancient currency.

The Ottoman lira was introduced as the main unit of currency in 1844, with the former currency, kuruş, remaining as a 1⁄100 subdivision. The Ottoman lira remained in circulation until the end of 1927.

Historical banknotes from the second, third and fourth issues have portraits of İsmet İnönü on the obverse side. This change was done according to the 12 January 1926 issue of the official gazette and canceled by the Democrat Party after World War II.

After periods of the lira pegged to the British pound and the French franc, a peg of 2.8 Turkish lira = 1 U.S. dollar was adopted in 1946 and maintained until 1960, when the currency was devalued to 9 Turkish lira = 1 dollar. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall.

* 1966 – 1 U.S. dollar = 9 Turkish lira

* 1980 – 1 U.S. dollar = 90 Turkish lira

* 1988 – 1 U.S. dollar = 1,300 Turkish lira

* 1995 – 1 U.S. dollar = 45,000 Turkish lira

* 2001 – 1 U.S. dollar = 1,650,000 Turkish lira

Turkey

Turkey (Türkiye ), officially the Republic of Turkey (Türkiye Cumhuriyeti ), is a transcontinental country located mainly in Western Asia, with a smaller portion on the Balkan Peninsula in Southeast Europe. East Thrace, located in Europe, is separated from Anatolia by the Sea of Marmara, the Bosphorous strait and the Dardanelles (collectively called the Turkish Straits). Turkey is bordered by Greece and Bulgaria to its northwest; Georgia to its northeast; Armenia, the Azerbaijani exclave of Nakhchivan and Iran to the east; and Iraq and Syria to the south. Istanbul is the largest city, but more central Ankara is the capital. Approximately 70 to 80 per cent of the country's citizens identify as Turkish. Kurds are the largest minority; the size of the Kurdish population is a subject of dispute with estimates placing the figure at anywhere from 12 to 25 per cent of the population.

At various points in its history, the region has been inhabited by diverse civilizations including the Assyrians, Greeks, Thracians, Phrygians, Urartians, and Armenians. Hellenization started during the era of Alexander the Great and continued into the Byzantine era. The Seljuk Turks began migrating into the area in the 11th century, and their victory over the Byzantines at the Battle of Manzikert in 1071 symbolizes the start and foundation of Turkey. The Seljuk Sultanate of Rûm ruled Anatolia until the Mongol invasion in 1243, when it disintegrated into small Turkish principalities. Beginning in the late 13th-century, the Ottomans started uniting these Turkish principalities. After Mehmed II conquered Constantinople in 1453, Ottoman expansion continued under Selim I. During the reign of Suleiman the Magnificent the Ottoman Empire encompassed much of Southeast Europe, West Asia and North Africa and became a world power. In the following centuries the state entered a period of decline with a gradual loss of territories and wars. In an effort to consolidate the weakening social and political foundations of the empire, Mahmut II started a period of modernisation in the early 19th century, bringing reforms in all areas of the state including the military and bureaucracy along with the emancipation of all citizens.