With Turkey’s
intensifying inflation since 1981, increasingly larger denominated
banknotes have been put into circulation nearly every two years,
with the highest note presently 20 million (worth approximately
US$15 in 2004) – the highest in the world. This has had a
harmful effect on the credibility of the currently as well as causing
technical problems. With inflation finally dropping and a more stable
market since 2003, a re-denomination of the Turkish Lira came into
effect in January 2005. One unit of the New Turkish Lira (Yeni Turk
Lirasi, currency code TRY) is equal to 1,000,000 Turkish Lira, with
a sub-unit of 100 New Kurush to one New Turkish Lira.
1 Turkish New Lire (TRY1) = US$ 0.85, £ 0.41,
C$ 0.80, A$ 0.92, R 5.56, € 0.59
Currency conversion rates as of November 2007 |
