From 2009 the new currency has become ‘Türk Lirasi’ (Turkish Lira), abbreviated as TL. 1 TL is 100 Kuruş (cents), abrreviated as Kr. The paper money consists of the following units: 1, 5, 10, 20 and 100 TL. The currencies are: 1, 5, 10, 25, 50 Kr and 1 TL.
Over the past ten years Turkey’s economy has steadily improved and inflation, which was once rampant, has for the most part ceased to be a problem. No longer a bargain destination, Turkey still offers value for the savvy shopper. Overall, costs are lowest in eastern Anatolia. Prices are highest in Istanbul, Izmir, Ankara and the touristy coastal cities and towns.
Banks and ATM's
A wide range of banks and ATMs are available in Turkey and can be found throughout the city. Most ATM cards with a visa logo can be used to make withdrawals for a small fee from most major US banks. Otherwise, cash is preferred in souks and small retail outlets where most cahiers will ask for correct change.
Opening a bank account
In order to open a bank account in Turkey you will need to first obtain a Turkish Tax Number. Do this by visiting the local Finance Department. Once there you will be asked to supply a copy of your passport and residence permit. These documents will also be requested when opening an account. Interest rates and fees vary by institution. As with all transactions it is best to ask questions up front and request help if something is unclear. Most banks operate between 9:00 and 17:00 and remain open during lunch hours.
Exchange rates of Turkish Central Bank
Currency prices are affected from political fluctuations or global scaled development in Turkey. For this reason; examine the daily exchange rate will be useful for you. There are exchange rates of Turkish Central Bank in the below: