EFTA Document EFTA01379422

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Turkey The Turkish lira (TRW was first introduced in 1927 and replaced the Ottoman lira which had been in circulation since 1844. After persistently high inflation from the 1970s to the 1990s, the lira was replaced by 'the New Turkish Lira' (TRY) on 1st January 2005 at a rate of 1 TRY = 1.000,000 TRL. Following a four-year transition period, the 'new' marking was removed and its official name has again become 'the Turki