The Turkish Lira (TL) is the official currency of Turkey and has been in circulation since 1844. The lira was formerly known as the Ottoman Lira, which replaced the Ottoman kuruş in 1844. It is subdivided into 100 kuruş and is symbolized by “₺”.
Inflation has caused significant devaluation of the lira over time. In 1990, it was worth around 1 US dollar; today it’s worth 0.16 USD as of May 2021. This makes it one of the least valued currencies in Europe.
Although there are no laws preventing individuals from using other currencies such as Euros or US dollars within Turkey, most merchants will only accept payments in TL due to government regulations and taxes imposed on transactions involving foreign currencies like euros and dollars.
The Central Bank of the Republic of Turkey (CBRT) regulates monetary policy for TL, including setting interest rates and managing money supply to maintain a stable exchange rate with foreign currencies such as Euros, Dollars etc.. CBRT’s activities also include monitoring financial markets for signs of instability that could lead to inflationary pressures on prices or disruption of economic activity in general.
Additionally, CBRT works closely with commercial banks to ensure sound banking practices are followed throughout Turkey’s financial system so that citizens have access to secure banking services at all times without risk from fraud or theft associated with other digital payment systems like cryptocurrencies .
turkey’s leading cryptocurrency exchanges offer trading pairs between Turkish Liras (TL) and major cryptocurrencies such Bitcoin , Ethereum , Litecoin , Ripple etc., enabling users who want to buy/sell crypto assets via Turkish Liras an easy way do so without having convert their funds into another currency first .