# Turkish lira > currency of Turkey **Wikidata**: [Q172872](https://www.wikidata.org/wiki/Q172872) **Wikipedia**: [English](https://en.wikipedia.org/wiki/Turkish_lira) **Source**: https://4ort.xyz/entity/turkish-lira ## Summary The Turkish lira (TRY) is the official currency of Turkey, issued by the Central Bank of the Republic of Turkey. It replaced the Ottoman lira after the country's independence in 1923 and has been the sole legal tender since then. The lira is subdivided into 100 kuruş, and its symbol is ₺. It is also used by Northern Cyprus, a de facto state recognized only by Turkey. ## Key Facts - **Currency Code**: TRY (ISO 4217) - **Subunit**: 100 kuruş - **Symbol**: ₺ - **Issuer**: Central Bank of the Republic of Turkey - **Inception**: October 29, 1923 (replacing the Ottoman lira) - **Countries Using**: Turkey and Northern Cyprus - **Predecessor**: Ottoman lira - **Successor**: New Turkish lira (2005–2009) - **Wikidata ID**: Q1351380 - **Wikipedia Sitelinks**: 92 - **Aliases**: TRL (pre-2005), ₺ - **Related Entities**: Turkish lira symbol, Turkish Lira Construction, Turkish-Lira - **Unicode Character**: ₺ (U+20BA) - **Digital Representation**: /m/04dq0w (Freebase ID) - **Conversion Rate**: 1 TRY ≈ 0.1845 USD (as of 2024) - **Related Lists**: List of currencies, Money of Turkey ## FAQs **What is the Turkish lira, and how is it used?** The Turkish lira (TRY) is the official currency of Turkey and Northern Cyprus. It is issued by the Central Bank of the Republic of Turkey and is subdivided into 100 kuruş. The symbol ₺ is used to denote the currency. **Who issues the Turkish lira, and when was it introduced?** The Turkish lira is issued by the Central Bank of the Republic of Turkey. It was introduced on October 29, 1923, replacing the Ottoman lira after Turkey's independence. **What is the difference between the Turkish lira and the Ottoman lira?** The Turkish lira replaced the Ottoman lira in 1923. The Ottoman lira was the currency of the Ottoman Empire, while the Turkish lira is the currency of modern Turkey and Northern Cyprus. **How is the Turkish lira represented digitally and in print?** The Turkish lira is represented digitally with the Unicode character ₺ (U+20BA) and has a dedicated symbol in the Turkish Lira Construction. It is also referenced in digital databases like Freebase. **What organizations or entities use the Turkish lira?** The Turkish lira is used by Turkey and Northern Cyprus, a de facto state recognized only by Turkey. It is also referenced in lists of currencies and related financial documentation. ## Why It Matters The Turkish lira plays a critical role in the economies of Turkey and Northern Cyprus, serving as the primary medium of exchange, unit of account, and store of value. Its introduction in 1923 marked a significant shift from the Ottoman lira, reflecting Turkey's transition to a modern, secular state. As the currency of a transcontinental country bridging Europe and Asia, the lira is integral to regional trade and financial systems. Its use by Northern Cyprus, despite international isolation, underscores its geopolitical significance. The lira's digital representation and standardized codes ensure its functionality in global financial transactions, while its subdivision into kuruş maintains precision in smaller denominations. Understanding the lira is essential for comprehending Turkey's economic policies, international relations, and cultural identity. ## Notable For - **Historical Transition**: Replaced the Ottoman lira in 1923, marking Turkey's modern economic independence. - **Geopolitical Role**: Used by Turkey and Northern Cyprus, a de facto state recognized only by Turkey. - **Digital Representation**: Has a dedicated Unicode character (₺) and is referenced in digital databases like Freebase. - **Standardized Codes**: Uses the ISO 4217 code TRY and is listed in global currency databases. - **Subunit Precision**: Divided into 100 kuruş, ensuring precision in smaller transactions. - **Related Entities**: Linked to the Turkish lira symbol and construction designs, reflecting its visual identity. - **Conversion Rate**: Maintains a defined exchange rate with major currencies, facilitating international trade. ## Body ### **History and Introduction** The Turkish lira was introduced on October 29, 1923, following Turkey's independence from the Ottoman Empire. It replaced the Ottoman lira, which had been in use since the 19th century. The new currency was designed to reflect Turkey's modern identity and economic sovereignty. The Central Bank of the Republic of Turkey became the sole issuer of the lira, ensuring monetary stability and control. ### **Design and Symbolism** The Turkish lira is represented by the symbol ₺, which is derived from the initials of the currency's name in Turkish. The symbol was officially adopted in 2005 and has since become widely recognized. The lira's design includes elements that reflect Turkey's cultural heritage, such as the crescent and star motif, which are also featured on the national flag. The currency's physical form includes banknotes and coins, with denominations ranging from 1 kuruş to 200 lira. ### **Usage and Acceptance** The Turkish lira is the official currency of Turkey and is widely accepted across the country. It is also used in Northern Cyprus, a de facto state recognized only by Turkey. The lira's acceptance is further supported by its inclusion in global financial systems, including ISO 4217 currency codes and digital databases. The currency's stability and recognition contribute to its role as a key economic indicator for Turkey and the broader region. ### **Digital and Financial Representation** The Turkish lira is represented digitally through various identifiers, including the Unicode character ₺ (U+20BA) and references in databases like Freebase (/m/04dq0w). These digital representations ensure the lira's functionality in online transactions and financial systems. The currency's ISO 4217 code (TRY) and subdivision into 100 kuruş facilitate precise financial calculations and international trade. ### **Related Entities and Connections** The Turkish lira is connected to several related entities, including the Central Bank of the Republic of Turkey, which issues and regulates the currency. It is also linked to the Ottoman lira, its predecessor, and the New Turkish lira, a transitional currency used from 2005 to 2009. The lira's symbol and construction designs are documented in various sources, reflecting its visual identity. Additionally, the lira is referenced in lists of currencies and related financial documentation, ensuring its recognition in global economic systems. ### **Economic and Geopolitical Significance** The Turkish lira holds significant economic and geopolitical importance, serving as the primary currency for trade and financial transactions in Turkey and Northern Cyprus. Its use by a de facto state recognized only by Turkey highlights its geopolitical role in regional dynamics. The lira's stability and recognition contribute to Turkey's economic policies and international relations, making it a key player in the broader financial landscape. ### **Cultural and Symbolic Representation** The Turkish lira is culturally and symbolically significant, reflecting Turkey's identity and heritage. Its design elements, such as the crescent and star motif, are inspired by the national flag and symbolize the country's values. The currency's physical form and digital representation further reinforce its cultural significance, making it a recognizable and respected part of Turkish society. ### **Technical and Standardized Identifiers** The Turkish lira is supported by a range of technical and standardized identifiers, including its ISO 4217 code (TRY) and Unicode character (₺). These identifiers ensure the lira's functionality in global financial systems and facilitate international trade. The currency's subdivision into 100 kuruş and its representation in digital databases further enhance its precision and recognition. ### **Challenges and Adaptations** Despite its stability, the Turkish lira has faced challenges, including fluctuations in exchange rates and economic policies. These challenges have led to adaptations, such as the introduction of the New Turkish lira in 2005. These adaptations reflect the currency's resilience and its role in responding to economic changes and global financial trends. ### **Future Outlook** The Turkish lira's future outlook is closely tied to Turkey's economic policies and international relations. As a key currency in the region, it will continue to play a significant role in trade and financial systems. Its stability and recognition will be crucial in maintaining Turkey's economic growth and geopolitical influence. The lira's adaptations and digital representations will also ensure its continued relevance in the evolving global financial landscape. ## References 1. ISO 4217 2. BBC Things 3. Quora 4. FactGrid 5. [Source](http://www.oed.com/dictionary/turkish-pound_n)