The Turkish lira (Currency sign: (until 1 March 2012: TL); Turkish: Türk lirası; ISO 4217: TRY) is the currency of Turkey and the Turkish Republic of Northern Cyprus (recognised only by Turkey). Hatay State also used Turkish lira before its annexation by Turkey. The Turkish lira is subdivided into 100 kuruş.
All obverse sides of current banknotes and reverse sides of current coins have portraits of Mustafa Kemal Atatürk. Historical banknotes from the second, third and fourth issues have portraits of İsmet İnönü on the obverse side. This change done according to 12 January 1926 dated official gazette and canceled by Democrat Party after World War II.
The monetary policy adopted to maintain price and financial stability by using required reserve ratios and interest rate corridor since recent global economic crisis, while industrial production decreased. Economy of Turkey highly relies on hot money, but the global elites of world system supports pax americana compatible foreign policy of Turkey with the international monetary system.
(until 1 March 2012: TL); Turkish: Türk lirası; ISO 4217: TRY) is the currency of Turkey and the Turkish Republic of Northern Cyprus (recognised only by Turkey). Hatay State also used Turkish lira before its annexation by Turkey. The Turkish lira is subdivided into 100 kuruş.
