New Turkish Lira
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The New Turkish Lira is the new currency to be issued in Turkey as of 1 January 2005. It is equivalent to 1,000,000 old Turkish Lira and divisible into 100 New Kuruş. The ISO 4217 code of New Turkish Lira is TRY and its numeric code is 949.
Symbol: YTL (Yeni Türk Lirası)
Banknotes: 100, 50, 20, 10, 5 and 1 YTL
Coin: 1 YTL and 50, 25, 10, 5, and 1 New Kuruş
Owing to the inflation experienced in Turkey from the 1970s through to the 1990s, the Turkish Lira experienced severe depreciation in value. From an average of 9 Lira per US Dollar in the late 1960s, the currency came to trade at approximately 1,650,000 per US Dollar in late 2001.
Although it has since recovered somewhat, the Turkish Parliament passed a law in late January 2004 which allows for the removal of six zeroes from the currency, and the creation of the New Turkish Lira.
