TRY (Turkish New Lira)

AAA

DEFINITION of 'TRY (Turkish New Lira)'

The currency abbreviation for the Turkish new lira (TRY), the currency for Turkey and the Turkish Republic of Northern Cyprus. The Turkish new lira is made up of 100 new kurus and is often presented with the symbol YTL.

INVESTOPEDIA EXPLAINS 'TRY (Turkish New Lira)'

The Turkish new lira was first introduced at the beginning of 2005 at an amount equivalent to 1 million Turkish old lira by passing a law that removed the last six zeros from the currency. The new lira was introduced after periods of high inflation devalued the old currency. For example, in the late 1960s, 9 liras was approximately equal to 1 U.S. dollar. In 2001, this exchange rate was 1.6 million:1.

RELATED TERMS
  1. Yemeni Rial - YER

    The official currency of the country of Yemen. The Yemeni Rial ...
  2. Turkmenistan Manat- TMT

    The official currency of the country of Turkmenistan. The Turkmenistan ...
  3. Currency

    A generally accepted form of money, including coins and paper ...
  4. Forex - FX

    The market in which currencies are traded. The forex market is ...
  5. Quote Currency

    The second currency quoted in a currency pair in forex. In a ...
  6. Base Currency

    The first currency quoted in a currency pair on forex. It is ...
Related Articles
  1. Currency Exchange: Floating Rate Vs. ...
    Forex Education

    Currency Exchange: Floating Rate Vs. ...

  2. The Currency Board: Understanding The ...
    Personal Finance

    The Currency Board: Understanding The ...

  3. Top 7 Questions About Currency Trading ...
    Forex Education

    Top 7 Questions About Currency Trading ...

  4. Using Double Tops And Double Bottoms ...
    Forex Education

    Using Double Tops And Double Bottoms ...

Hot Definitions
  1. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  2. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  3. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  4. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  5. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  6. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
Trading Center