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Revaluation of the Turkish lira

The new Turkish lira (Turkish: Yeni T??rk Liras??) 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. The new lira was subdivided into 100 new kuru?? (yeni kuru??). The symbol was YTL and the ISO 4217 code was TRY. History Because of the chronic inflation experienced in Turkey from the 1970s through to the 1990s, the old lira experienced severe depreciation. Turkey has consistently had high inflation rates compared to developed countries: from an average of 9 lira per U.S. dollar in the late 1960s, the currency came to trade at approximately 1,650,000 lira per U.S. dollar in late 2001. This represented an average inflation of about 38% per year. Prime Minister Recep Tayyip Erdo??an had called this problem a "national shame...

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wikidata.org 0 views · 2024-12-26 21:01:38

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