Exchange GBP to TRY- Convert Pound to Turkish Lira - Free Online Quote

GBP to TRY Exchange Rate

Currency Information on TRY. Currency Information on Turkish Lira - TRY – Turkish Lira - ₺. The foreign exchange currency code for TRY represents the Turkish Lira exchange rate.

The Turkish lira subdivides into 100 kurus and was first introduced in 1923, in 1995, the lira was the world’s least valuable currency, and it was revalued in 2005, removing 6 zeros and creating a new currency.

Currency Exchange Rates for Turkish Lira. Coins are available in values of 1, 5, 10, 25 and 50 kurus, though the 1kr coins are not frequently used. There is also a 1 lira coin. Banknotes in denominations of 5, 10, 20, 50, 100 and 200 liras are currently is circulation.

The new Turkish Lira is the current version of the old Turkish currency that was used in the medieval period. Turkey experienced very exorbitant inflation rates in the period between 1970 and 1990 that had a very adverse and severe effect on the currency at the time, the old Turkish Lira. Compared to the developed countries, Turkey experienced higher inflation rates that averaged approximately 38% per year. In 2003, the national assembly of Turkey passed a law that would see the elimination of six zeros from the currency in a desperate attempt to restore the status of the ancient Turkish currency.

The old currency was then replaced at the rate of: 1 new Lira = 1000000 old Lira with the last old Lira used in 2005.The coins and the notes of New Turkish Lira retained the design of the old Turkish Lira in many ways. The portrait of Ataturk still sits in front of both the notes and the coin. However, the new Turkish Lira note lacks the many zeros that characterized the old Turkish Lira. 

Using the word new on the currency was only to be used as a temporary measure. With the introduction of the new currency in 2005, a lot of reforms had to be implemented by the Central Bank of Turkey due to a number of reasons. Firstly, and most importantly, the bank indicated that it would change the design of the note to have unique shapes and sizes that would ensure that any form of forgery is eliminated. Secondly, the issuance of a different high denomination of 200 lira was quite conceivable.

In the year 2009, the new Turkish Lira changed its name to Turkish Lira. The change would have no effect on the value of the currency. From being listed as the least valuable currency in the world by Guinness World Record, the Turkish currency has taken huge leaps to become a formidable currency under the name Turkish Lira. Bearing in mind the history the Turkish currency has endured, the Central Bank of Turkey has taken a lot of steps in ensuring the currency remains stable. For one, it has enforced limits on the maximum number of Turkish currency that can be brought or taken out of Turkey. It has also introduced exchange slips that are given to visitors after currency conversion. Visitors ought to produce the slips when reconverting their currency.

The Turkish currency has matured as a currency given its history. Inflation brought the currency to its knees; however, with the timely intervention of the Turkish government, the situation was managed. 

Convert Pound to Turkish Lira

Convert GBP to TRY exchange rate. Buy and sell British Pounds to Turkish Lira. Convert TRY to GBP with a currency broker offering the best foreign exchange rates. Exchange GBP to TRY- Convert Pound to Turkish Lira for a Free Online Quote.

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