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Topic: Lira Turkey

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	Lira
		Lira is the name of the monetary unit of a number of countries, as well as the former currency of Italy, San Marino and the Vatican City.
		The Italian lira (plural lire) was the official unit of currency in Italy until January 1, 1999, when it was replaced by the euro (euro coins and notes were not introduced until 2002).
		Before the lira, the monetary unit used by the Ottoman Empire was first the Akçe, later to be replaced by the Kurus (Piastre), with the Para as a subunit.
	www.knowledgefun.com /book/l/li/lira.html (940 words)

	Steve Quayle News Alerts
		Turkey is to relaunch its currency on Saturday, knocking six zeros off the lira in the hope of boosting trade and powering its growing economy.
		The new lira is the symbol of the stable economy that we dreamed of for long years — Sureyya Serdengecti, Turkish Central Bank
		Turkey had to turn to the International Monetary Fund for financial assistance, accepting a $18bn loan in return for pushing through a wide-ranging austerity programme.
	www.stevequayle.com /News.alert/05_Money/050103.Turkey.lira.html (453 words)

	Turkey travel guide - Wikitravel
		Turkey (Türkiye) [1] is located on the Mediterranean, in the Middle East region of Asia, with a small section in Mediterranean Europe separated by the Turkish Straits (Bosphorus, Sea of Marmara, and Dardanelles).
		With the the Black Sea to the north and the Aegean Sea in the west and Mediterranean Sea to the southwest, Turkey is surrounded by Bulgaria and Greece to the west, Armenia, Azerbaijan and Georgia to the northeast, Syria, Iraq and Iran to the southeast.
		Turkey is a Muslim country, and although you will see varying degrees of Islamic practice in Turkey, it is rude to insult or mock some of its traditions.
	wikitravel.org /en/Turkey (3640 words)

	Tourbox Antalya - Hotels in Turkey - TURKISH FINANCIAL NEWS (Site not responding. Last check: 2007-11-01)
		Turkey is trying to cut its massive debt burden as part of its loan deal with the International Monetary Fund (IMF) after a 2001 financial crisis led to massive debt issuance to rescue more than a dozen failed banks.
		Turkey was an investment-grade country before political instability and policy mistakes led to a devastating crisis in 1994.
		Turkey's inflation rose more slowly than expected in February, official data showed on Friday, but analysts said the central bank was unlikely to cut interest rates before April at the earliest.
	www.tourboxantalya.com /forum/topic.asp?TOPIC_ID=127&whichpage=2 (7164 words)

	South-Western EconNews
		The lira, Turkey's national currency, will now be determined by market forces rather than being pegged to a mixture of the U.S. dollar and the euro.
		Turkey's central bank had lost $7.5 billion of its cash reserves earlier in the week as a consequence of investor flight and a need to support its commercial banks.
		Turkey does not have a significant share of emerging-market debt nor does it trade with many other emerging-market countries and consequently, most emerging-markets experts believe that the events in Turkey will not have a continuing effect on other markets.
	www.swlearning.com /economics/econ_news/a_turkey_0401.html (434 words)

	CNNfyi.com - Turkey in turmoil after currency float - February 22, 2001
		The government announced it was floating its currency -- effectively allowing a devaluation of the lira -- in a dramatic move to deal with one of its worst financial crises in decades.
		Turkey's lira tumbled by 23 percent in early trade, plummeting to 850,000 against the dollar.
		Benjamin said: "Turkey has got a huge inflation problem, running at 39 percent, and the IMF programme was designed to bring inflation down.
	archives.cnn.com /2001/fyi/news/02/22/turkey.economy (615 words)

	New Turkish Lira - All About Turkey
		While determining the name of the new currency unit, the expression of "Lira", which is the unique currency unit traditionally used throughout the Republican period after the War of Independence and identified with Turkey in international markets, has been preserved.
		In sum, changeover to New Turkish Lira was necessary both for the prospective positive effects on the currency's reputation and for technical reasons.
		The New Turkish Lira is also symbol and evidence of Turkey's determination to drive down inflation.
	www.allaboutturkey.com /ytl.htm (648 words)

	New Turkish Lira law - All About Turkey
		The Council of Ministers is empowered to remove the expression of "New" used in the "New Turkish Lira" and the "New Kurus" and to establish the principles on its application.
		Provisional Article 1- The Turkish Lira banknotes and coins that are currently in circulation shall be circulated along with the New Turkish Lira banknotes as well as the new coins to be issued between 1 January 2005 and 31 December 2005.
		It is decided that principles related to dual circulation and replacement of banknotes shall be determined by the Central Bank of the Republic of Turkey whereas principles related to dual circulation and replacement of coins shall be determined by the Under secretariat of the Treasury.
	www.allaboutturkey.com /ita/ytllaw.htm (1270 words)

	Turkey - Business - Kamu (Site not responding. Last check: 2007-11-01)
		Turkey's lira currency resumed a steep plunge on Friday while IMF officials met in Ankara to seek a way out of a financial crisis stirring furious public condemnation of Prime Minister Bulent Ecevit.
		Economists feared the onset of a "crisis within a crisis" in the vulnerable banking sector, and issue certain to be at the center of emergency talks with IMF officials in Ankara.
		Its collapse was signposted by a decision in the early hours of Thursday to end controls on the lira that were central to the program.
	www3.estart.com /turkey/business/kamu.html (795 words)

	New Turkish Lira - NewLira.com: Money Tips for Turkey
		The New Turkish Lira (the YTL) was released on 1 January 2005.
		Turkey has a history of hyperinflation (see the Turkish Lira FAQ for more details).
		One of the simplest ways to convert from the new lira to the old and vice versa is to print and carry the Lira Conversion Chart from the FAQ section of NewLira.com.
	newlira.com /2004/12/money-tips-for-turkey.html (519 words)

	Lira - Official Currency of Turkey, Malta and Cyprus (Site not responding. Last check: 2007-11-01)
		The Lira is official name of the monetary unit in of a 3 different countries.
		On 2005 due to inflation New Turkish Lira was introduced at rate of 1 new to 1.000.000 old ones.
		In the mallteeese language it is known as the Lira Maltija.
	www.monetary-unit.com /units/lira.htm (110 words)

	Inflow Alone Won't Stabilize Lira - Forbes.com (Site not responding. Last check: 2007-11-01)
		Therefore, Turkey could continue to attract several billion dollars of FDI in years to come, especially if the European Union accession process continues and perceptions of the economy are not too seriously damaged by the current financial turmoil.
		The lira has recovered to around 1.62 to the dollar, and typical domestic government bond yields have retreated slightly, at about 22%.
		In the medium term, the value of the lira and Turkey's ability to run a current account deficit will also be determined by movements of capital other than portfolio capital.
	www.forbes.com /leadership/careers/2006/06/29/turkey-fdi-investment-cx_0630oxford.html (737 words)

	Tourbox Antalya - Hotels in Turkey - TURKISH FINANCIAL NEWS
		Turkey's powerful secularist establishment, which includes the military and the judiciary, views the AKP with deep distrust due to its Islamist roots.
		Turkey has outstripped the company's global growth, which the company reported at 4 percent, pushing sales to 30.4 billion euros and profits to 2.9 billion euros for the year.
		Turkey's central bank kept overnight interest rates on hold for the third month running as expected at its meeting on Thursday but signaled that a cut in the short-term was more likely now than it had been last month.
	www.tourboxantalya.com /forum/topic.asp?TOPIC_ID=127&whichpage=2 (9507 words)

	ViewsWire
		The fall in the value of the Turkish lira in recent weeks and the accompanying dip in equity prices have come as no great surprise, given the evident need for a correction in the country's financial markets.
		The real effective lira exchange rate appreciated by almost 40% in 2002-05, which, combined with strong domestic demand and rising international oil prices, has seen the current-account deficit balloon to 6.5% of GDP last year and increase by almost 40% in the first quarter of 2006 compared with a year earlier.
		The murder of a Council of State judge by an Islamist extremist on May 18th also exacerbated lira volatility, as it increased fears of a destabilising collision between the government and the secularist establishment, which includes the president Mr Sezer, the judiciary and the military.
	viewswire.com /index.asp?layout=VWPrintVW3&article_id=860494871&printer=printer (893 words)

	Turkish Lira, Turkey, TRY, Information on the Currency of Turkey (Site not responding. Last check: 2007-11-01)
		The new Turkish lira is the currency of Turkey and the Turkish Republic of Northern Cyprus.
		Turkey is in the process of starting talks with the EU about joining the union.
		The EU feels that along with their economic problems, it will be difficult to assimilate Turkey's people into European culture, as most of the Turkish people are primarily Muslim, and Western Europe has seen an increase in anti-immigrant ideals in the last decade.
	www.gocurrency.com /countries/turkey.htm (806 words)

	FEBRUARY 20-25, 2001
		U.N. Turkish lira on Thursday dropped by 27 percent against dollar in the first trade after the government announced that it was abandoning its exchange-rate controls to stem off a three-day financial crisis.
		Turkey is an important ally and good friend of the United States, O’Neill said.
		The report points out that Turkey uncovered an illicit plant where the amphetamine Captagon was produced, closed it down and adamantly confiscated large amounts of it throughout last year.
	www.tusiad.us /specific_page.cfm?CONTENT_ID=31 (2224 words)

	New Turkish Lira - NewLira.com
		The symbol for New Turkish Lira is YTL and for New Kurus, YKr.
		The new lira has notes of 100, 50, 20, 10, 5 and 1 lira and coins of 1 lira, 50, 20, 10, 5 and 1 kurus.
		The new lira rate is simply 1/millionth or 6 zeros less than the old lira, whereas the Euro countries had complex exchange rate conversions.
	newlira.com (673 words)

	BBC News \| BUSINESS \| Turkey floats lira for stability
		After a day of mounting economic crisis in Turkey, the government has decided to drop exchange rate controls on the lira and allow the currency to float.
		In December, the IMF agreed to loan Turkey $7.6bn to alleviate balance of payments difficulties, on top of the $3.8bn it had lent the previous year.
		Of this, Turkey has only drawn $3.7bn, suggesting the IMF could still withdraw Turkey's rights to the remaining $7.7bn.
	news.bbc.co.uk /1/low/business/1182341.stm (553 words)

	Bloomberg.com: Currencies
		The lira has surged 14 percent versus the dollar in the past three months, according to Bloomberg data, making it the world's best performer over that period.
		Earlier today, Turkey's currency climbed to the highest since July 2001 versus the dollar after the central bank cut its benchmark interest rate by one percentage point to 15.5 percent, more than the 0.5 percentage point reduction predicted by a majority of the 24 economists surveyed by Bloomberg News.
		Foreigners owned about $10 billion of Turkey's lira bonds as of Jan. 19, according to the most recent figures provided by the banking industry regulator.
	www.bloomberg.com /apps/news?pid=10001098&sid=aPRwM6uaWhrE&refer=world_currencies (640 words)

	Turkey currency regulation new turkish lira \| turkey travel tips \| Marmaris land
		Exchange slips: The exchange slips for the conversion of foreign currency into Turkish lira should be kept, since you may be required to show these when reconverting your Turkish lira back into foreign currency, and when taking souvenirs out of the country (to prove that they have been purchased with legally exchanged foreign currency).
		Start of January 01, 2005 one million Turkish Lira (1.000.000 TRL) is equivalent to one New Turkish Lira (1 YTL).
		One New Turkish Lira (YTL) is equivalent to 100 New Kuru‏ (100 YKR).
	www.marmarisland.com /Formalities/Turkey-currency-regulation.htm (215 words)

	CNN.com - Turkey's currency tumbles in crisis - February 22, 2001
		In early trade following the decision, Turkey's lira was quoted in a wide range that implied a depreciation of 11 to 37 percent, but few deals were reported.
		Analysts in Asia's main financial centres were predicting a sharp fall in the value of the Turkish lira of between 30 and 40 percent on the opening of markets.
		Ecevit's three-party coalition government is Turkey's most stable in years, but the row terrified Turkish banks, many of them weakened from the country's financial crisis late last year.
	archives.cnn.com /2001/WORLD/europe/02/22/turkey.currency.02 (752 words)

	Turkey-Business & Finance (Site not responding. Last check: 2007-11-01)
		Turkey's draft law to end the state monopoly on power production and distribution, expected to be voted by parliament next week, could slow the process it was designed to facilitate, industry analysts said.
		Turkey's Garanti Bankasi on Friday said it was not interested in buying stakes in banks seized by Turkey's banking watchdog, but could be a suitor for the privatisation of public sector giant VakifBank.
		Turkey is set for a tough time in the first half of 2001, with thousands of workers facing layoffs as the debilitating liquidity squeeze which gripped the country in November chokes off growth.
	www3.estart.com /turkey/business.html (829 words)

	CNN.com - Mass Turkey protest against economic policy - April 7, 2001
		ANKARA, Turkey (CNN) -- Thousands of protesters took to the streets in Ankara, Turkey, and other cities Saturday, the latest in a wave of demonstrations against the government's handling of the economy.
		The head of the craftsmen union said he would call on shopkeepers to cool down, but he is also asking the government to take their concerns seriously.
		The government floated its currency -- effectively allowing a devaluation of the lira -- in a dramatic move to deal with one of its worst financial crises in decades.
	edition.cnn.com /2001/WORLD/meast/04/07/turkey.demo.02 (404 words)

	JTW News -
		Turkey is by no means the first country to downsize its currency in search of credibility but for many economies with a tendency for hyperinflation, re-denomination ends up being just a quick fix and one that has to be repeated.
		In 2001, Turkey was mired in its worst economic crisis in decades.
		If it happens, it will be the first time that Turkey has successfully completed an IMF programme and moved on to a new one, having failed on 17 previous occasions.
	www.turkishweekly.net /news.php?id=1302 (1339 words)

	Decree for protection of the value of Turkish Lira
		Banks, authorized institutions, special finance institutions, PT and precious metals intermediary companies may, according to banking customs and practices, freely use their foreign exchange holdings preferably in meeting the country’s requirements provided that they comply with this Decree and the principles to be determined by the Central Bank.
		Article 7- a) Imports to Turkey and exports from Turkey of precious metals, stones and articles are free within the rules of foreign trade regime.
		Article 23- The banks, special finance institutions, authorized institutions PT and precious metals intermediary companies have to issue purchase and sale receipts for foreign currencies and transfer certificates for Turkish liras in the operations related to this Decree and the method and principles concerning these receipts and certificates are determined by the Central Bank.
	www.turkeybonds.com /turkishlira.htm (3349 words)

	Turkey Floats Currency, and It Falls 25% [Free Republic]
		The lira had been trading at 685,000 to $1, but by the end of the business day here it dropped to a rate around 925,000 to the dollar.
		The biggest fear among many foreign leaders is that Turkey's new round of problems could set off a crisis of confidence in emerging markets elsewhere, leading to investor flight and a repetition of the panic that started with the devaluation of the Thai baht in July 1997 and spread widely.
		Some analysts said the lira is likely to bounce back in the coming weeks, but the timing and the level are uncertain.
	www.freerepublic.com /forum/a3a95f8f76044.htm (2388 words)

	Turks adjust to new currency \| csmonitor.com (Site not responding. Last check: 2007-11-01)
		Trimming the lira had long been discussed, but it became a reality only in the past two years, when the country's chronic runaway inflation was finally tamed.
		With their old liras also a thing of the past (although they will still be legal tender for another year), Turks now have to get used to life without all the zeros.
		Taking the bloat out of the lira could be seen as one of the most vivid examples that Turkey is on its way to becoming part of Europe.
	www.csmonitor.com /2005/0107/p25s02-woeu.html (755 words)

	Turkey, Europas soon-to-be Zimbabwe? - Gold & Silver Forum
		Turkish central bank governor Durmus Yilmaz also said on Wednesday that the bank had withdrawn 5.2bn lira ($3.2bn; £1.8bn) from the market over the past 15 days, and would continue such moves until it had completely removed pressure on the currency.
		When I was honeymooning in Europe a few years ago, I got the chance to chat with the locals, one guy from germany told me he was on vacation in Turkey, and his bus fare was changing from morning to night, 500 lira in the morning, and 700 lira by that night.
		He said Turkey is notorious for debasing its currency.
	goldismoney.info /forums/showthread.php?p=286614#post286614 (494 words)

	What it Costs to Travel in Turkey
		With the sudden (but not unanticipated) decline in the value of the New Turkish Lira, Turkey is again the travel price leader among the countries in Europe, and offers extraordinary value for money.
		The New Turkish Lira was substantially over-valued (according to Turkey's prime minister and many economists), and in June 2006, the "hot money" that had flowed into Turkey and caused the over-valuation flowed out, leaving the lira to drop to a more reasonable level.
		Note that the New Turkish Lira (YTL: Yeni Türk Lirasi) was introduced on January 1, 2005.
	www.turkeytravelplanner.com /TravelDetails/Money/WhatItCosts.html (441 words)

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