The lira is the official standard of currency used in Turkey. Each lira is subdivided into 100 new lira. The korus is indicated by the use of the letters kr or ykr. The lira is identified formally as the YTL, which stands for the Yeni Turkish Lira: the New Turkish Lira. The new lira was worth to 1,000,000 of the old lira. This shows the extent of inflation that really had taken place.
Banknote are issued in the denominations of 1, 5, 10, 20, 50 and 100 liras, with coins circulated in denominations of 1, 5, 10, 25, 50 kuruses and 1 lira.
The future of the lira will probably be short lived, as Turkey finds itself having to adopt the euro as a result of its desire to be part of the European Union. However, before it can adopt the euro, it has to prove that it has an economically stable currency and financial markets.
The lira was initially introduced as early as 1844. It was brought in to replace the kurus, which had been used as the currency prior to this. However, just to complicate things the kurus continued to be used, so that I lira was worth 100 kurus.
Between the years of 1844 and 1881, the lira was unusually set against a bi-metallic standard that was based on gold and silver. This was to change in the 1881, when the gold standard alone was adopted. This continued until the advent of the First World War, when the decision was taken to take Turkey away from the gold standard and instead peg it against various currencies such as the French Franc or the British pound.
It was not until 1946 that the lira was set against the American dollar. This continued until 1960, when the currency was effectively devalued. The next decade saw major problems in store for the lira, which was an exceptionally volatile currency. However, the 1960's were not as bad as the 70's when inflation just seemed to get hold of the Turkish economy and the lira was more or less worthless.
This trend was to continue for some time to come, with the lira named as the world's worst i.e. least valuable currency in 1995 and 1996, continuing right up until 2004, by which time it was generally regarded as having had its day.
Obviously it was clear than something drastic had to be done and thus a new lira was introduced. This was the new lira and it is still in use today.
Getting hold of Turkish lira is actually easier than most people may assume. There is a fairly extensive network of ATM's throughout Turkey and it is possible to use your debit or a credit card at the ATM and simply withdraw cash, in the form of the lira.
In the tourist areas, ATMs are relatively prevalent and so are easy to find, but even in the non tourist areas, you will usually find at least one ATM somewhere in a town.
Throughout Turkey, legal exchange offices or centres are located in almost every city and town. You can also exchange money at banks but generally these involve a long wait whilst you queue and the rates are not particularly brilliant.
It is important to bear in mind that most exchange centres will only accept only banknotes. But if you have taken cash with you, or even travelers cheques, then these are the best places to change over your money.
Traveller's cheques are the safest means of taking cash to another country, but they are more hassle in terms of having to go to the exchange centre every time that you want to withdraw money.
Turkey is a relatively safe country and there is limited risk of crime. Extensive CCTV has been installed in Istanbul which has dramatically reduced the instances of muggings and bag snatching, which had been fairly prevalent at one time.
Like so many other places, if you are in tourist areas or the large cities, then there is a higher risk of falling victim to a petty crime, but it is no more of a risk than it is in some other countries.
The main risk is really in terms of having your wallet taken or valuables taken. There are some scams that go on, such as two people having an argument, or someone pleading with you for help and whilst you are engrossed in whatever is going on, you will find that after it has abated, your wallet may no longer be there, so just be aware of anything that may just be a diversion to help you get rid of your money.
One issue which is important in Turkey is that you should usually carry some form of ID with you. However, hotels often want to retain passports after you have registered, but generally, you should try to have at least something to say who you are in case of being stopped by the police.
Some people are still nervous about visiting Turkey, after the violent attacks that have taken place. Prior to finalizing your travel arrangements, it may be worth doing some basic research to establish if it is still risky to travel. The threat is not constant and so you shouldn't need to worry too much about it.
When you are in Turkey you will find that it does offer good value for your lira. The lira has rallied round in the past years, but it is still a destination that is relatively cheap in particular with regard to the prices that you would pay in other European countries. So whilst not a bargain basement type of destination, it is still reasonable.
The main areas where specific bargains are to be had are with regard to leather goods of all descriptions and of course, carpets.
Turkey produces more leather goods than any other country and as a result, you will find that it has a wide range of leather goods on sale: from very basic, wallets and purses, to quite top of the range, exquisite leather coats and bags.
At first glance, you may think that the prices are not too cheap, given the fact that leather is produced so widely here. However, the reality is that the quality of the products is very high and you are actually getting leather of the most amazing quality. Butter soft is a term often used to describe leather goods and here you will find that the leather is even softer than butter. Overall, the leather goods really are a good buy and are extremely durable.
Before you rush off to the local market, you should be aware that haggling really is king in Turkey and you won't get far without at least embarking on the process of trying to knock the price down a bit. Fixed price shops do exist, but they are few and far between and prices may be slightly higher, so it will be incumbent on you to haggle and try to get the lower price. Often this process feels a very foreign one to tourists (as indeed it is) but it is all part of the ritual and you may even get a free cup of tea when you get down to business.
Generally, most people, particularly in the tourist areas, or those with whom you may enter into protracted negotiations about the price of anything that you want to buy, will be able to speak English, so communication is never really a problem in Turkey. Very few people have no English at all.
Carpets are also a good buy to be had whilst you are in Turkey. Again, the quality of these usually speaks for itself and you can get some wonderfully crafted items for a really reasonable price. In fact the major problem you will have if you want to buy a carpet is just which one to choose, because the range is simply staggering. You always seem to find that people want to persuade you that their carpet is the best and better than any others, so it can feel a little perplexing, but if you just look round and take your time, then it will be much easier to get something that fits your exact needs.
There are lots of other handicraft pieces on sale, which are very good value and usually very well made. Often (but not always) you can buy from the person who made the items, which is also a relatively nice change from mass produced items, made by people whom you will never meet. Somehow this gives items a real personal touch.
Eating and drinking in Turkey also presents good value and the food is quite cosmopolitan in the major towns, cities and the tourist type areas. Although Turkey is a Muslim country, it is tolerant of people drinking and obtaining alcohol is not difficult. There is even a local spirit, an 'eau de vie' (water of life)called 'raki' that is basically the national drink in Turkey and it is extremely strong, so just be mindful of your liver and brain cells, if tempted to over indulge on raki!
Turkey is undoubtedly a great place to visit and explore. It has something to offer everyone, from very relaxed and gentle beach holidays, with nothing more to do than take a dip in the pool, to very active and almost frenetic cities such as Istanbul and then there are whole areas of Turkey that are simply steeped in history and the mysticism of the East.
It is almost like a place that straddles the cultural divides between the East and West. It wants to be part of Europe, hence its determination in joining the EU and yet it is fiercely proud of its culture and religious identity.
It is also a very tolerant country and is a good place to visit if you have never experienced the exotic East, because it is like dipping your toe in the water, to see if you are a dyed in the wool Westerner, or whether you will be seduced by the charms of the East.