The national currency is the Turkish lira.

The graph above shows the exchange rate from the lira to the US dollar between 1950 and 2007. The country converted to a new lira in 2005, at an exchange rate of 1,000,000:1 with the old lira; the above chart is denominated in the new lira. It clearly shows the effects of the high inflation Turkey suffered for most of the 20th century.

Between 1981 and 2011 the exchange rate for US dollars to Turkish lira averaged 0.93, reaching a historical high of 1.91.

During the past 12 months, the exchange rate for the Turkish lira depreciated by 25.29 per cent against the US dollar. Today, US$1 is equivalent to 1.88 lira, and £1 is equivalent to 2.9 lira.