Cost of Living
With Turkey’s rising inflation since 1981, increasingly larger denominated banknotes have been put into circulation nearly every two years, with the highest note currently 20 million (worth approximately US$15 in 2004) – the highest in the world. This has had a negative effect on the credibility of the currently as well as causing technical problems. With inflation finally lowering and a more stable market since 2003, a re-denomination of the Turkish Lira came into effect in January 2005. One unit of the New Turkish Lira (Yeni Turk Lirasi, currency code TRY) is equal to 1,000,000 Turkish Lira, with a sub-unit of 100 New Kurush to one New Turkish Lira.
1 Turkish New Lire (TRY1) = £0.42; US$0.73; C$0.85; A$0.96; ¬0.61
Currency conversion rates as of October 2005
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