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Thodex is one of Turkey's largest cryptocurrency trading platforms, founded in 2017. However, in April 2021, the platform suddenly collapsed, resulting in total losses of approximately 356 million Turkish liras for victims. In this article, we will delve into the topic of Turkey's currency, the Turkish Lira, and provide detailed insights about its history, exchange rates, and denominations.

1. Introduction to the Turkish Lira

The Turkish Lira, officially known as Türk Lirası (TRY), is the legal currency of Turkey. It is also used as the official currency in the Turkish Republic of Northern Cyprus. The New Turkish Lira (Yeni Türk Lirası or YTL) replaced the old currency on January 1, 2005, with the old currency remaining in circulation until the end of that year.

2. The History of Turkish Currency

Before the introduction of the New Turkish Lira, the currency in Turkey was simply known as the Turkish Lira. However, due to high inflation and economic instability, the government decided to revalue the currency in an attempt to stabilize the economy. Thus, on January 1, 2005, the New Turkish Lira was introduced, with 1 New Turkish Lira (YTL) being equivalent to 1,000,000 old Turkish Lira.

3. Denominations of Turkish Lira

Currently, the Turkish Lira is available in both banknotes and coins. The banknotes in circulation include denominations of 200, 100, 50, 20, 10, 5, and 1 Turkish Lira. The coins in circulation include denominations of 1 Lira, 50 kuruş, 25 kuruş, 10 kuruş, 5 kuruş, and 1 kuruş. These denominations cater to various transactional needs in the country.

4. Exchange Rates

The exchange rate between the Turkish Lira and other currencies fluctuates based on various economic factors. For example, as of the last update, 1 Turkish Lira (TRY) was equivalent to 1.92 Chinese Yuan (CNY). However, it's important to note that exchange rates are subject to change and may vary at any given moment.

5. Factors Affecting the Turkish Lira

The Turkish Lira has faced volatility and depreciation in recent years, influenced by several factors. Economic indicators, political instability, and global economic trends all impact the value of the Turkish Lira. It is essential to closely follow these factors to understand the currency's performance and make well-informed financial decisions.

In conclusion, the currency of Turkey is the Turkish Lira, officially known as Türk Lirası (TRY). It replaced the old Turkish Lira in 2005 to combat inflation and stabilize the economy. The Turkish Lira has various denominations in banknotes and coins, catering to different transactional needs. However, like any currency, its exchange rates fluctuate based on economic factors. By staying informed about these factors, individuals can better understand the value and performance of the Turkish Lira.