The Turkish lira is the currency of Turkey and the independent state of the Turkish Republic of Northern Cyprus. In 1926, the Ministry of Finance introduced notes for the Republic of Turkey in denominations of 1, 5, 10, 50, 100, 500 and 1000 lira. These were the last notes printed with both French and Turkish text on them.
All notes and coins of Turkish Lira have portraits of Mustafa Kemal Atatürk from different points of his life since 1930s on the front side. The new Turkish lira was introduced on 1 January, 2005, replacing the previous lira which remained valid in circulation until the end of 2005 at a rate of 1 new lira = 1,000,000 old lira, a transition period for the removal of six zeroes from the Turkish lira currency. The older symbol for Turkish lira was YTL and posts the currency transition; the ISO (International Organization for Standardization) 4217 code for Turkish Lira is now “TRY”.
From 1970, Turkey experienced chronic inflation and throughout the 1990s a series of hard, then soft pegs to the dollar operated as the value of the lira began to fall. The Guinness Book of Records ranked the lira as the world's least valuable currency in 1995 and 1996, and again in 1999 through 2004.
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