Country Focus 5 of 12
Country Focus Economy Economy & Banking

Turkey's currency is the Turkish lira, now in its Ninth Emission Group

The currency of Turkiye is the Turkish lira. Turkish lira banknotes are grouped into emission groups by the Central Bank of the Republic of Turkiye. The Eighth Emission Group was put into circulation on 1 January 2005, printed for the decision to drop six zeros from the Turkish currency, and had 6 denominations of 1, 5, 10, 20, 50 and 100 New Turkish liras. The Council of Ministers was then authorised to remove the prefix "New" from the "New Turkish Lira" and the "New Kurus"; the measure was enacted upon promulgation in the Official Gazette of 5 May 2007 and took effect on 1 January 2009. The Ninth Emission Group banknotes were issued in 6 denominations of 5, 10, 20, 50, 100 and 200 Turkish liras. The Central Bank's own Banknote Printing Plant began producing banknotes in 1958.

Currency: Turkish lira Eighth Emission Group in circulation from: 1 January 2005 Zeros dropped from the currency: six Prefix "New" removed with effect from: 1 January 2009 Ninth Emission Group denominations: 5, 10, 20, 50, 100 and 200 Turkish liras
Why it matters for exams: The name of a country's currency and the central bank that issues it are standard one-mark questions, and Turkey adds the extra hook of a currency that dropped six zeros and briefly carried the prefix New.
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In plain words

Emission group — A numbered family of banknotes issued by the Turkish central bank, each group replacing the design generation before it.

Kurus — The smaller currency unit named alongside the lira, which carried the prefix "New" until that prefix was removed with effect from 1 January 2009.

Denomination — The face value printed on a banknote, such as 200 Turkish liras.

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