Turkey, is a transcontinental country located mainly in Western Asia, with a smaller portion on the Balkan Peninsula in Southeast Europe.
Capital: Ankara (largest city: Istanbul).
Currency: Turkish lira (code:TRY, usually abbreviated TL).
Because of the chronic inflation in Turkey from the 1970s through to the 1990s, the old Turkish lira (TRL) experienced severe depreciation. In 1995 and 1996 - and again from 1999 to 2004 - the Turkish lira ranked as the world's least valuable currency. On 1 January 2005 the previous Turkish lira (TRL) has been replaced by the second Turkish lira (TRY) at an exchange rate of 1,000,000 TRL for 1 TRY. In the transition period between January 2005 and December 2008, the second Turkish lira was officially called Yeni Türk lirası ("New Turkish lira" - YTL). In January 2009, the "new" marking was removed from the second Turkish lira, its official name becoming just "Turkish lira" (TL) again. All obverse sides of current banknotes (9th issue) have portraits of Mustafa Kemal Atatürk; the back depicts a famous Turkish personality, rather than geographical sites and architectural features of previous Turkish banknotes.