Currency in Turkey

For more than three decades there had been double-digits inflation in Turkey. However, monetary policies conducted by the Turkish Central Bank, which is in line with the inflation target, were crucial in bringing down inflation.

The former currency in Turkey, namely the Turkish Lira (TL) was into circulation until 1st January 2005 when Turkey discarded six zeros from its national currency and re-introduced low denomination banknotes and coins. The New Turkish Lira, or YTL, became the new currency unit. Since then, Turkey started using the New Turkish Lira and the New Kurus (cent). Since 1st January 2006 it was only possible to exchange old Turkish Lira for New Turkish Lira at the Central Bank for a period of 10 years. Currently, 1YTL = 1,000,000TL and approximately equal to 0.78 USD. Notes are in denominations of YTL100, 50, 20, 10, 5 and 1. Coins are in denominations of YTL1 and 50, 25, 10, 5 and 1 New Kuru (Ykr).