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The currency in Turkey is the Turkish New Lira. The symbol of the Turkish New Lira is YTL and it is subdivided into 100 new Kurus.
The Lira started as a gold coin in 1844, when the Ottoman empire replaced previous currency “Acke” with the the “Kuru”. The Lira took over from the Kuru during the 1870's, and some paper money was also circulated Imperial Ottoman bank.
The gold standards were abandoned by the time of the First World War, replaced by the Turkish Lira, a silver coin. Paper money was circulated, which carried the picture of Turkish national hero, Mustafa Kamal Ataturk.
During the time between the 1970's and the 1990's, Turkey experienced a period of increasing inflation, leading to a rapid depreciation of the value of the Turkish Lira. As a result, the Turkish New Lira was introduced in 2005 as the the new currency in Turkey. Both coins and banknotes were released, and the Turkish New Lira is currently the stable currency in Turkey.
One unit of the Turkish New Lira is currently worth around $0.75. It is fully convertible, and there is no existence of a currency black market. It can usually be exchanged free of Commission in money changing centers, banks and hotels. For tourists, there is no restrictions on the import of local or foreign currency.
The Turkish New Lira has coins of denomination of 500, 1000, 2500 and 5000. Paper money comes in denominations of 1000, 5000, 20000, 50000 and 100000. Inflation is still affecting the currency in Turkey, and release of higher denominations is likely.
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