What is the reason behind the changes in the Turkish Lira
The history and importance of the Turkish lira
The Turkish lira is the official currency used in the Republic of Turkey and the Turkish Republic of Northern Cyprus. The subunit of the Turkish lira is kurus. Printing and management activities of the Turkish lira are carried out by the Central Bank of the Republic of Turkey. Money is an important tool that reflects the socio-economic structure of the period it was coinage. Money with important pictures and messages sheds light on the past period and contains important messages on it. In particular, coins provide many benefits in terms of numismatic science. If we take a brief look at the contributions of money to numismatic science;
- Contributes to the precise determination of the settlements and cities of lost civilizations and nations
- Provides information about families or individuals who dominate the historical process
- Provides information on buildings or monuments that have been destroyed for various reasons
- Shows the titles given to the emperors and settlements of the period in which it is printed
- Shows the starting and ending dates of the reign, titles, works done, victories, and defeats of the rulers of the period
- Provides clues about the economic situation of the society in that period according to the type of material used in the minting of the coin
- Provides information about religious beliefs in the period of use
The banknote was first introduced in the history of the Republic of Turkey in 1927 and has been an integral part of our daily life since then. The life of all humanity is based on making money. The first banknote printed using Turkish letters was printed 84 years ago, in 1937.
History of the Turkish lira
The first lira in history was printed under the name of "Ottoman lira" during the reign of Sultan Abdulmecid on January 5, 1843. With a law enacted in 1925 after the proclamation of the Republic, it was decided to issue new banknotes to be used instead of Ottoman coins in the market. During the Republic of Turkey, the first banknotes were printed in England in 1927 and put on the market (At that time, a Central Bank was not established in Turkey yet). The Central Bank of the Republic of Turkey started its operations in 1931. With the transition to the Latin alphabet in 1937, paper money with the portrait of Ataturk with Latin letters on it was printed.
Since 2005, the currency of Turkey has been temporarily changed to the "New Turkish Lira" by removing 6 zeros from the currency. As of 2009, it continued to be used as Turkish Lira again. While the portraits of Mustafa Kemal Ataturk are placed on the front of all banknotes used today, there are pictures of important Turkish scientists and artists on the back.
01 March 2012 The Turkish Lira has entered a new era with the changing symbol.
What is the reason behind the changes in the Turkish Lira?
The change in the Turkish lira reflects the difficult period Turkey has been going through periodically. Many factors such as government policies, foreign debt, and international politics affect the depreciation of the Turkish lira.
In addition, the Covid-19 outbreak, which is currently affecting the whole world, has adversely affected the economies of many countries. Many reasons such as tourism activities that came to a halt with the epidemic, export and import movements, abstention from consumer behavior, and disruption of production activities due to shortage of raw materials adversely affected the economy and caused the Turkish lira to lose value.
Temporary depreciation in the Turkish lira and the opportunities it creates
The Turkish lira has been among the strongest currencies since the first time it was produced. The Turkish economy, which varies depending on the political infrastructure, exhibits a sensitive attitude towards risks. Many reasons such as the current government's foreign policies, the increasing abstention of consumer behavior with the epidemic, and the tourism activities coming to a standstill causing the Turkish lira to be negatively affected periodically. The Turkish lira, which followed a fluctuating course, especially during the election periods, maintains its stable course after the election periods.
While the rising exchange rate in Turkey affects Turkish citizens negatively, it offers great opportunities for foreigners. With the depreciation of the Turkish lira against the dollar, real estate prices for sale in Turkey become very attractive for foreigners. Turkish citizenship can be obtained through real estate investment of 250.000 USD and above in Turkey. With the increasing exchange rate, you can buy a sea view apartment in Istanbul for 250,000 USD and at the same time become a Turkish citizen by property.
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