Finance System in Turkey
One of the world’s strongest economies, Turkish economy is a free market economy where the rules of competition are applicable, private sector is in a leading position while public sector is in a regulating position, and products and services are exchanged among individuals and organizations without any obstacle. Structural reforms are given considerable importance in the Turkish economy in recent years. Thanks to such reforms, independent economic organization with a strong infrastructure have been established, which has made Turkish economy stronger.
The official currency of the Republic of Turkey is “Turkish Lira”. Turk¬ish Lira is available in paper bills and coins. Paper bills are also called banknotes.
There are 6 types of coins in circulation.- 1 kuruş, 5 kuruş, 10 kuruş, 25 kuruş, 50 kuruş and 1 lira. 100 kuruş is equal to 1 lira. There are 6 types of banknotes in circulation: 5 liras, 10 liras, 20 liras, 50 liras, 100 liras and 200 liras. Banknotes incorporate several security features. These features are intended for prevention of counterfeiting bills and for ensuring that a banknote is genuine. There are tactile dots in the top left corner of the front surface of banknotes for the visually impaired.