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After periods of the lira pegged to sterling and the franc, a peg of TL 2.8 = US$1 was adopted in 1946 and maintained until 1960, when the currency was devalued to TL 9 = US$1. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall.
Democrat Party (DP) defeated the Republican People's Party (CHP) in the 1950 general elections and ruled Turkey between 1950-1960. However towards 1960, Turkey faced with economic problems like the 1958 devaluation in which Turkish lira was devaluated more than 3 times (the value of $1 jumped from 2.80 TL to 9 TL) [1] Rise in commodity prices and scarcity of imported technology items caused ...
From 1 January 2009, the "new" was removed from the second Turkish lira, its official name in Turkey becoming just "Turkish lira" again; new coins without the word "yeni" were introduced in denominations of 1kr., 5kr., 10kr., 25kr., 50kr. and TL 1. Also, the inner and outer alloys of the 50kr. and TL 1 coins were reversed.
Because of the chronic inflation experienced in Turkey from the 1970s through to the 1990s, the old lira experienced severe depreciation. Turkey has consistently had high inflation rates compared to developed countries: from an average of 9 lira per U.S. dollar in the late 1960s, the currency came to trade at approximately 1,650,000 lira per U.S. dollar in late 2001.
The 1960 Turkish coup d'état (Turkish: 27 Mayıs Darbesi), also known as the 27th May Revolution (Turkish: 27 Mayıs İhtilali or 27 Mayıs Devrimi), was the first coup d'état in Turkey. It took place on May 27, 1960. The coup was staged by a group of 38 [1] young Turkish military officers, acting outside the military chain of command.
In the transitional period between 1 January 2005 and 31 December 2008, the second Turkish lira was officially called "new Turkish lira" (abbr: YTL) in Turkey. Banknotes, referred to by the Central Bank as the "E-8 Emission Group", were introduced in 2005 in denominations of YTL 1, YTL 5, YTL 10, YTL 20, YTL 50, and YTL 100.
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Turkey is a founding member of the Organization of Economic Cooperation and Development, a member of the G20 and the NATO, and a candidate for the European Union. [19] Turkey's location at the crossroads of Europe, Asia, and the Middle East has made it a strategic hub for trade and investment, but also a vulnerable target for economic turmoil.