Turkish Lira

The currency of Turkey is the Turkish Lira. The lira was introduced in 1923, replacing the Ottoman Empire's kuruş. The Turkish Lira is divided into 100 kuruş. The lira was pegged to the British Pound until 2005, when it was floated on the international market. The Turkish Lira has been subject to high inflation in recent years. Inflation peaked at 25% in 2018, but has since fallen to around 15%. The Turkish Lira has also been volatile, losing around 30% of its value against the US dollar in 2018. The Turkish Lira is not a widely-used currency outside of Turkey. However, it is possible to exchange Turkish Lira for other currencies at currency exchange offices.