The Turkish Lira is used as currency by both Turkey and the Republic of Northern Cyprus.
The ‘Ottoman Lira’ became the main unit of currency in the former Ottoman Empire in 1844 and was used until its collapse. The new Republic of Turkey introduced the Turkish Lira in 1923.
Inflation has been a problem in Turkey for many years and the Turkish Lira has been devalued several times throughout its history.
In order to combat inflation, a new currency was introduced in 2005.
The new currency wiped out six zeros from the old currency and re-established confidence in the Turkish Lira (for a while).
Inflation is on the rise again though and the currency has lost a significant amount of value.
When you hear the word ‘Hyperinflation’ you probably think about that history lesson you had in school, the one about Germany between the wars where