Buy New Turkish Lira

The new Turkish lira, otherwise denoted as TRY, is a very recent currency addition for the country, replacing the old Turkish lira in 2005. One new Turkish lira is the equivalent of 100,000 old Turkish liras, which obviously indicates a significant change in the currency system as a whole. The old Turkish lira had simply diminished too far in value as a result of heavy inflation in Turkey. To put it into perspective, in the 1960s, 9 lire were equal to 1 US dollar. Forty years later, it took 1.6 million lire to equal one dollar. Thus the government mandated that the currency be changed so that 1.6 lire would equal one dollar, and so development for the new Turkish lira begun. Two new banknotes were formed as a result of this change, and the Romanian leu dropped to the least valued currency in the world.

Since its establishment in 2005, the new Turkish lira has seen some moderate fluctuation, but it hasn't been in circulation long enough to make many assumptions. In 2005, the currency exchange rate was .38 GBP to TRY, and that number increased to .42 GBP to TRY in 2006. June 2006 provided the lowest level thus far, with numbers falling to .32 GBP to TRY. There was a gradual increase from that point until 2008 when levels reached a high of .47 GBP to TRY in September of that year. Those numbers have experienced a slight decline but have remained healthy overall, staying mostly above .40 GBP to TRY. That is the level that the currency is expected to remain at in the future, unless another depreciation like that seen in the old lira starts to occur once again.