Banking in Turkey

What you will find in Turkey regarding currency is the Turkish Lira, which is divided into 100 kurus. This currency was introduced in the year 2005 and it replaced the old Turkish Lira. It experienced a huge change because, due to high inflation and the change rate that it previously had (one million liras were equal to 0,75 dollars) it became stronger with the so called million-to-one conversion. The devaluation required Turkey to begin minting a new kurus, as the old kurus had been dropped years ago due to inflation. The Central Bank of the Republic of Turkey, founded in 1930, is the bank of issue. The country also has many state banks concerned with economic development, such as the Agriculture Bank of the Republic of Turkey, founded in 1863, and several commercial banks. Turkey’s principal stock exchange is in Istanbul.

Banking in Turkey

Another important aspect in Turkey’s economy is foreign trade. A new source of exports came with the industrialization of the country, especially since the end of World War II, changing the trend which was basically based on agricultural products, minerals and other raw materials.

Turkey’s annual imports are much higher than exports (at least its earnings) with a total of $69.3 billion in imports in recent years and $47.3 billion in exports. The main products which were exported were textiles, iron and steel, cement, dried fruits, leather garments, and tobacco. Chief imports were machinery, crude petroleum, transportation vehicles, and chemical products. Considerable income is derived from tourism in Turkey; in 2005 tourism revenues were estimated at over $18.2 billion.

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