Liralar

Liralar is the Turkish term for the plural form of lira, the basic monetary unit used in Turkey and the Turkish Republic of Northern Cyprus. In everyday usage, liralar refer to both the banknotes and coins of the Turkish lira as they circulate in the economy.

The Turkish lira has a long history dating to the founding of the Turkish Republic. It replaced the Ottoman lira in 1923 and was originally subdivided into 100 kuruş. In 2005, Turkey undertook a major redenomination, introducing the New Turkish Lira (Yeni Türk Lirası, YTL) at a rate of 1 new lira = 1,000,000 old lira, to mitigate high inflation. In 2009 the currency reverted to the name Turkish Lira (TRY). The Turkish Central Bank also introduced the symbol ₺ in 2012, which has since become widely used alongside the code TRY.

The central bank, the Central Bank of the Republic of Turkey, issues liralar and conducts monetary policy to influence inflation, growth, and exchange rates. The lira is subdivided into 100 kuruş, though very small units are rarely used in daily transactions due to inflation. Current banknotes commonly in circulation include 5, 10, 20, 50, 100 and 200 lira, accompanied by coins for smaller denominations. The value of the lira has historically been volatile, experiencing periods of rapid depreciation and inflation that have shaped pricing, savings, and monetary policy decisions in the Turkish economy.

In practice, liralar are used primarily in Turkey and, to a significant extent, in the Turkish Republic of Northern Cyprus, where the Turkish lira is the dominant currency for everyday transactions.