Currency
Currency of Turkey - Turkish Lira
The lira is the official standard of currency used in Turkey. Each lira is subdivided into 100 new lira. The korus is indicated by the use of the letters kr or ykr. The lira is identified formally as the YTL, which stands for the Yeni Turkish Lira: the New Turkish Lira. The new lira was worth to 1,000,000 of the old lira. This shows the extent of inflation that really had taken place.
Banknote are issued in the denominations of 1, 5, 10, 20, 50 and 100 liras, with coins circulated in denominations of 1, 5, 10, 25, 50 kuruses and 1 lira.
The future of the lira will probably be short lived, as Turkey finds itself having to adopt the euro as a result of its desire to be part of the European Union. However, before it can adopt the euro, it has to prove that it has an economically stable currency and financial markets.
The lira is the official standard of currency used in Turkey. Each lira is subdivided into 100 new lira. The korus is indicated by the use of the letters kr or ykr. The lira is identified formally as the YTL, which stands for the Yeni Turkish Lira: the New Turkish Lira. The new lira was worth to 1,000,000 of the old lira. This shows the extent of inflation that really had taken place.
Banknote are issued in the denominations of 1, 5, 10, 20, 50 and 100 liras, with coins circulated in denominations of 1, 5, 10, 25, 50 kuruses and 1 lira.
The future of the lira will probably be short lived, as Turkey finds itself having to adopt the euro as a result of its desire to be part of the European Union. However, before it can adopt the euro, it has to prove that it has an economically stable currency and financial markets.
