They were saying ‘TL’s reputation is the nation’s reputation’

Week With the change of economic direction at the end of the year, a new page in economic policies seems to have been turned. All attention was focused on how much the Turkish lira would lose in value. After the elections after May 28, the Central Bank loosened the strings on exchange rates and the dollar quickly settled above 21 liras. While the depreciation of the Turkish lira turned tragic, Erdogan’s speech surfaced again on March 1, 2012, when the Turkish currency gained a symbol for the first time. The Prime Minister at the time, Erdogan, presented the TL symbol and said: “Money, like the flag, symbolizes the power, prestige and independence of a country, just like the national anthem. The reputation of money is the reputation of the country, the reputation of the nation. But unfortunately, in this country, they have ruined the reputation of the country for many years, along with the value of money.” At the time of this speech, the dollar was at 1.75 lira and the euro at 2.33 lira. Since then, the Turkish lira has lost 92 percent against the dollar and 90 percent against the euro. The last 11 years have passed with economic turmoil, in which the LT became a hallmark and monetary policy was discredited.

TRANSFORMED FASHION

While the Turkish lira was melting day by day against the dollar, it was also taking a heavy hit against the currencies of neighboring countries. After the depreciation of the Turkish lira, neighboring countries began to see Turkey as a “cheap paradise”. The value of each lari arial, from ruble to manat against TL has increased by more than 100 percent in the last year and a half.

TL became a key against neighboring currencies

The value of the 200 lira bill, which first entered our wallet on January 1, 2009, became a bird against other currencies. On March 1, 2012, 114 dollars were bought from 1.75 TL and 86 euros from 2.33 TL with 200 lira. 11 years have passed and today our biggest bill is again 200 TL. Today’s 200 lire is 9.4 dollars, 9.7 euros. While it was possible to buy 1.19 lira by paying 1 Bulgarian lev on March 1, 2012, 1 Bulgarian lev corresponds to 11.61 lira at the current exchange rate. With recent fluctuations, 1 Georgian lari was equal to 8.14 lira. 11 years ago, it was possible to buy 1.10 lira with 1 lari.