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History of the Turkish lira since the founding of the republic

Posted by njoud on April 13, 2020
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History of the Turkish lira since the founding of the republic

To get to know the history of the Turkish lira since its republican era, we recommend that you read this article.

The oldest Turkish paper currency issued by Turkey dates back to the Republican era in 1927, after the declaration of the Republic on January 12, 1926, but it was printed in the Ottoman letters and then printed again in Latin letters in 1937.

Since then, 120 different classes of banknotes have entered the Turkish market in 9 issues so far, as the first paper edition was in London in 1927, as it was in the category of 5, 10, 50 and 100 TL, where it was printed in Ottoman letters, and these currencies were traded until a year 1939.

In 1944 the second edition of the paper currency was issued in England and Germany, and it bore a picture of Ismet Inonu, then head of state, and the smallest categories were 50 piasters and the largest is 1,000 Turkish lira, and at that time the Turkish lira was equivalent to 0.77 USD.


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In 1947 new classes of the Turkish lira were printed in the United States of America, and the piasters categories were withdrawn from circulation and the smallest currency coin until then was offered from the 2.5 lira category.

In 1952, after the end of Inonu’s rule, I began printing the image of Mustafa Kemal Ataturk on currencies again, and the first money printing house was established in Turkey in 1958.

In 1966, the 2.5 class coin was withdrawn from circulation and new currencies were printed in the same categories with new designs, and the 1000 lira remained the largest category at that time.

During the period between 1980 and 1994 due to the deterioration of the Turkish economy, new editions of the category 10, 20 thousand, 50 thousand and 250 thousand were issued.

In 1995 the categories of 5 thousand and 10 thousand liras were withdrawn and a category of 1 million Turkish liras was issued.

In 1999, the 10 million category was issued and the 100,000 pounds category was withdrawn from circulation.

Upon entering the second millennium, it became necessary to make adjustments to the Turkish lira after the great economic growth. For this reason, the Law on Regulating the Currency of the Turkish Republic was issued on January 28, 2004 and No. 5083, after which 6 zeros were removed from the currency on January 1, 2005, so that the generation begins Eighth of the money.


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The new Turkish lira was in the categories of 5, 10, 20, 50 and 100 pounds, and after the deletion of six zeros from the currency, the lira gained its stability and the currency continues to be stable since that time.

Finally, in the year 2009 a category of 200 liras was issued, and the Turkish lira began to occupy an advanced position among currencies. In 2011, the dollar was equivalent to 1.48 liras, but regional political events in the recent past and the current events taking place in the region in general led to a somewhat lower level of the lira until It reached 3.5 pounds against the dollar at the end of 2016.

In 2017, the Turkish lira witnessed a noticeable recovery after the Turkish economy recorded 5 percent growth in the first quarter of the year, bringing the exchange rate of the dollar to 3.41 Turkish liras last August.


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