Turkish Liras & Money in Turkey

The printing and use of paper money in the world coincide with the end of the 17th century. The history of money, which bears traces of the socio-economic structure of the period it was printed, can also be seen as an economic analysis feature and a reflection of the socio-economic history.

It is possible to say that all the coins used from the past to the present carry important traces and messages in terms of the pictures on them and the qualities they possess. The concept of money has become an indispensable element of our daily life in today’s conditions.

The Turkish lira is the official currency used in the Turkish Republic and the Turkish Republic of Northern Cyprus. The printing and management activities of the Turkish lira, whose subunit is expressed as ‘kurus’, are carried out by the Central Bank of the Republic of Turkey.

Turkish Lira History

The change in power in Turkey in the 1950s also had an impact on social and economic life. The 5th emission, which started with the introduction of 50 lira denominations on 1 December 1951, was produced with Atatürk’s pictures and watermarks.

In the 1950s, the idea of ​​printing paper money in Turkey was brought to the fore again, with foreign expansion and advances in the industry. The work of establishing a Banknote Printing House was completed in 1958 and the printing of banknotes was started in the same year.

The first paper banknote printed in Turkey was issued as the 3rd order of  100 lira of the 5th emission. After this date, paper money was tried to be printed at the Banknote Printing House in Ankara.

As of 15 June 1966, the transition to the 6th emission coins started. As of 1979, the 7th emission banknotes began to be put into circulation.

As a continuation of the 7th issue, banknotes of 5 thousand, 10 thousand, 20 thousand, 50 thousand, 100 thousand, 250 thousand, and, 500 thousand lira were printed. In 1995, 1 million lira banknotes were printed for the first time in Turkey.

In the 1990s, banknotes worth 5 million, 10 million, and 20 million lira were put into circulation. With the entry of the new millennium, the unit of Turkish currency was expressed as “million lira”.

To put an end to the mess created by zeros, after the 2000s, a two-stage currency reform was designed. In this process, zero subtraction would be performed for the first time in Turkey. On January 1, 2005, the 8th issue of coins was introduced to the market by removing six zeros from the coin.

The currency of the 8th emission was expressed in the New Turkish Lira. The new banknotes consisted of denominations of 5, 10, 20, 50, and 100. The newly printed 1, 5, 10, and 20 lira denominations were designed in the same way as the 7th emission’s equivalent denominations in terms of graphic design so that the public could easily adapt to the new money. New designs were made for the 50 and 100 lira denominations.

The second and final phase of the planned reform has been completed, with the Council of Ministers authorized to remove the “new” phrase from the New Turkish Lira. After January 1, 2009, it was decided to withdraw the New Turkish Lira banknotes from circulation.

The decision was issued on May 5, 2007. In addition, it was announced that the 9th emission of  Turkish Lira coins would be replaced with the banknotes to be removed.

The 9th issue of Turkish Lira banknotes, which are still actively used today, was presented to the market on January 1, 2009, by shaping them with all their dimensions and features.

The denominations included in this issue were created from 5, 10, 20, 50, 100, and 200 lira banknotes. The remarkable innovation in this emission was the use of the 200 lira denomination for the first time.

Ottoman Lira

The concept of the first Turkish lira emerged during the reign of the Ottoman Sultan, Abdulmecid. The first Turkish lira was printed on January 5, 1843, under the name of the Ottoman lira. This gold coin belonging to the Ottoman Empire, which was used before the printing of paper money, was called the yellow lira among the people. After the printing of the yellow lira, various amounts of lira continued to be minted, such as a quarter lira on June 2, 1854, and two and a half and five-and-a-half liras on February 18, 1855.

First Turkish Lira

After the proclamation of the Republic in Turkey, on 30 December 1925, it was decided to print the first Turkish banknotes. These first paper banknotes were printed in the United Kingdom in 1927, as the Republic of Turkey did not have its central bank at that time. The Central Bank of the Republic of Turkey was first established on October 3, 1931. Money is quite different from its current state in terms of its characteristics. Since the Alphabet Revolution had not yet taken place in 1927, there were no Latin letters on the money. On the 1, 5, and 10 liras printed in 1927, Ataturk’s portrait appears on the watermark. On coins with other amounts, Ataturk is featured both on the watermark and as a picture.

On the first paper banknotes, there are writings in Ottoman Turkish and French and the signature of the Minister of Finance of the period. These coins, which were minted in 1927, continued to be used until 1937 when the Latin letter coins were put into circulation. Ataturk’s portraits are found on all of these new coins that went into circulation.

Ataturk’s portraits were found on banknotes printed between 1927 and 1938. However, after Ataturk died in 1938, due to Ismet Inonu’s becoming president, the banknotes switched to Inonu’s portrait in line with the sanctions imposed by the laws. On the 5th emission banknotes, which came into force in 1952, it was decided to use Ataturk’s portrait again.

From the beginning of the Republic to the present, 126 banknotes in 24 different denominations have been released in 9 emission groups. All of the first six emission banknotes and some of the notes in the Seventh Emission Group were withdrawn from the market and lost their value after a 10-year statute of limitations.

Second Turkish Lira

In 2003, the Turkish Grand National Assembly allowed the creation of a new currency by removing six zeros from the Turkish lira. In addition, the government has launched two new banknotes with a value of 50 and 100 TL. With this decision, in July 2005, the Turkish lira started to appreciate again. Since the removal of six zeros from the Turkish lira on 1 January 2005, the same official currency continues to be used.

The period between 2005 and 2008 was named the transition period and the second Turkish lira was officially named “New Turkish lira” during this period.

As of 2009, the expression “New” was removed from the second Turkish lira and the official currency was renamed “Turkish lira” and shortened to “TL”.

How to Exchange Money in Turkey?

Foreign exchange is a tool through which people buy and sell transactions for different purposes. It is possible to buy and sell foreign currency from exchange offices, banks, and jewelers in Turkey. However, it will be an important point for you to choose the most advantageous option in terms of trading transactions among them.

Banks are another point where you can carry out your foreign exchange buying and selling transactions. Today, with the development of technology, a concept such as internet banking has emerged. It is possible to carry out your transactions 24/7 without interruption through internet banking. Through this system, it is possible to carry out foreign exchange transactions with the figures closest to the Central Bank’s rates during the hours when the market is considered open. Using these methods, it is possible to carry out foreign exchange buying and selling transactions in Turkey in a safe, risk-free, and fast manner.

Is Only Turkish Lira Valid in Turkey?

The general expression used for all different currencies is called foreign currency. The most important foreign exchange types that are used in Turkey and determine the international markets are listed as Euro, Dollar, and Sterling. The values ​​of these currencies, which are used intensively in almost every region of the world, are much more valuable than other currencies, but they are used by many countries. As in the whole world, these currencies are also actively used in Turkey.

Is Turkey Cheap?

The cost of living in Turkey is an important factor that affects the permanent settlement of foreign citizens in Turkey. To put it briefly, when the living standards and the living costs shaped accordingly are compared, Turkey’s living costs are low.

It attracts great attention in terms of offering high living standards.

As in every region of the world, city life always attracts attention as a lifestyle that requires high cost. Known as the center of finance, economy, tourism, and business, Istanbul is the place with the highest cost of living in Turkey. However, considering the world in general, life in Istanbul can be evaluated at normal standards despite its high standards. Many foreign citizens, who have an income from their own country, have the chance to live a luxurious life thanks to the exchange rate difference between the Turkish Lira and other currencies.

Many immigrants can also make a living by investing their capital in savings accounts with high-interest yields, with the interest they earn in a monthly period. High-interest savings accounts are sufficient to finance high-standard living costs for foreigners with large amounts of capital.

Is Holiday In Turkey Cheap?

Turkey, with its diversity, offers holidaymakers very attractive holiday opportunities with sea or nature options. By choosing the places you want to see in Turkey, you can plan your travel route and have the chance to have a holiday at very affordable prices.

The current economic situation in Turkey provides a great advantage, especially for those who earn money with foreign currency. Turkey attracts great attention from all over the world with its turquoise seas, magnificent rich cultural values ​​, and culinary culture with delicious tastes. In addition to its rich culture, Turkey offers many advantages in terms of price with its price-performance feature.

It is possible to stay in the best Turkish hotels at very affordable prices with the dollar and euro currencies that have gained value recently. For example, while 1 USD dollar was 1.8 TL on average in 2012, this amount rose to the level of 17 TL in 2022 and even exceeded it. This situation makes Turkey an attractive holiday destination, especially for foreign holidaymakers.

Is Transportation Cheap in Turkey?

The Republic of Turkey has borders covering a wide area from Bulgaria to Iran, from Iraq to Armenia, and from Greece to Syria. Despite this wide area, it is not devoid of any means of transportation and it can be said that it is easy to get from one place to another.

From bus to bike; The list of vehicle options that can be used for transportation, from trains to luxury seaplanes, is quite long. This situation brings Turkey to a very advantageous point in terms of transportation. The prices of the vehicles used in the country vary according to large and many small distances, and also according to the type of vehicle.

Turkey can be shown as one of the best places, especially for vacation. It attracts attention as a very rich country with its transportation options. With the increase in the exchange rate in the recent period, changes in transportation prices have been observed. With the dollar and euro currencies gaining value, transportation in Turkey can be provided at very affordable prices.

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