Turkish lira exchange rate – TRY/PLN

The Turkish lira was first introduced into circulation in 1844, when it replaced the previously existing kçe – an Ottoman coin that had dominated the region for several centuries. The lira repeatedly lost value due to dynamic political changes and the numerous wars in which the Ottoman Empire, and later Turkey, participated. After the establishment of the Republic of Turkey in 1923, the country's currency (TRY) continued to be unstable. The country was mired in inflation and economic crisis throughout the 20th century. The worst for Turkey was the 1990s, when hyperinflation occurred. The debt of this country dependent on foreign credit continued to grow. There were frequent changes of government, leaving Turkey without a stable and long-term plan to save the economy. Another problem was the civil war, during which the government had to contend with representatives of the Kurdistan Workers' Party. At its peak, annual inflation was as high as 100%. At the beginning of the 21st century Turkey began to recover from the crisis and entered into cooperation with the International Monetary Fund. The new plan included curbing public spending, reducing the budget deficit and tightening monetary policy. In 2005, a new Turkish lira was introduced, replacing its predecessor with a ratio of 1:1 000 000. Despite the many changes, the lira remains volatile. At the beginning of September 2024, inflation stood at 61.5%. In the short term, the government expects prices in Turkey to rise further and the value of the TRY to fall.

One lira is divided into 100 kuruş. There are coins in circulation with denominations of 1, 5, 10, 25 and 50 kuruş and 1 lira. On the obverse of each coin appears the image of Mustafa Kemal Atatürk – the 1st President of the Republic of Turkey, who held the position for 15 years until his death. On the reverse of 1 to 25 kuruş is the face value along with decorative elements. The 50 kuruş and the 1 lira have a crescent and a star on the reverse, the symbols found on the Turkish emblem and flag. The front of the TRY banknotes features an image of Mustafa Kemal Atatürk, while the back immortalises figures who have influenced science, culture and the arts in the Turkish state. One of them is the mathematician Cahit Arf, who created the „Arf invariant”, leading to the development of mathematics in the fields of abstract algebra and number theory (10 TRY). The 200 TRY note, on the other hand, will feature Yunus Emre – a poet considered to be one of the most important creators of Turkish literature. Faced with rising prices, many citizens are experiencing a decline in real income. Despite attempts to stabilise the economy, the situation remains difficult and the future of the lira is uncertain. High levels of inflation, political instability and structural problems in the economy are all challenges facing the Turkish lira.