Turkish new lira (TRY)

The Turkish lira (ISO code: TRY, symbol: ₺) is the official currency of Turkey and Northern Cyprus, issued by the Central Bank of the Republic of Turkey. Replacing the Ottoman lira in 1923, the currency underwent a redenomination in 2005 that excised six zeros, creating the New Turkish Lira at a rate of one million old liras to one new lira. Subdivided into 100 kuruş, the currency operates on a managed floating exchange system.