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Last time I visited Turkey 25 yesrs ago the Lira was basically counted in millions. I remember exchanging some beer money and getting stacks of freshly printed
by alkonaut 4y ago
Last time I visited Turkey 25 yesrs ago the Lira was basically counted in millions. I remember exchanging some beer money and getting stacks of freshly printed 10k bills. I assume that was also after a period of massive inflation in the 80s or 90s? Some time after that they must have redefined their currency and dropped a few zeros. Have there been any other similar periods in between or has it been a pretty stable 2 decades? Are the causes similar this time? External shock and some misguided voodoo macroeconomics?
- iso1210 4y agoThe old lira was retired and the new lira came in 2005 roughly at about 1.30 to the dollar. It's now 16 to the dollar, up from 8 to the dollar a year ago. The old Lira was 15 to the dollar in 1975, by 1985 it was 500 to the dollar (devaluing 42% a year), 1995 was 43,000 to the dollar (56% a year), and by 2001 it reached 1.3 million to the dollar (77% a year) From 2001 to 2005 it was relatively stable, and the new lira came in and only lost half its value from 2005 to 2015. Things have been getting worse since 2015 though.