TurkeyTurkey (Türkiye, ˈtyɾcije), officially the Republic of Türkiye (Türkiye Cumhuriyeti ˈtyɾcije dʒumˈhuːɾijeti), is a country located mainly on the Anatolian Peninsula in West Asia, with a small portion on the Balkan Peninsula in Southeast Europe. It borders the Black Sea to the north; Georgia to the northeast; Armenia, Azerbaijan, and Iran to the east; Iraq to the southeast; Syria and the Mediterranean Sea to the south; the Aegean Sea to the west; and Greece and Bulgaria to the northwest. Cyprus is off the south coast.
Economy of TurkeyTurkey is a founding member of the OECD and G20, and is classified among the E7 countries, EAGLEs and NICs. As of 2023, Turkey's economy is the 19th-largest in the world by nominal GDP, and the 11th-largest by PPP. According to the IMF, Turkey has an upper-middle income mixed-market emerging economy. The country is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics and home appliances.
Cypriot poundThe pound, or lira (λίρα, plural λίρες, and lira, لیره, from the Latin libra via the Italian lira; sign: £, sometimes £C for distinction), was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, from 1879 to 2007, when the Republic of Cyprus adopted the euro. However, the self-proclaimed Turkish Republic of Northern Cyprus uses the Turkish lira as its official currency. The Cypriot pound was introduced in 1879 and was equal in value to one pound sterling.
Central Bank of the Republic of TurkeyThe Central Bank of the Republic of Turkey (CBRT) (Türkiye Cumhuriyet Merkez Bankası, TCMB, literally "The Turkish Republic Central Bank") is the central bank of Turkey. Its responsibilities include conducting monetary and exchange rate policy, managing international reserves of Turkey, as well as printing and issuing banknotes, and establishing, maintaining and regulating payment systems in the country.
Cent (currency)The cent is a monetary unit of many national currencies that equals of the basic monetary unit. Etymologically, the word cent derives from the Latin centum meaning 'hundred'. The cent sign is commonly a simple minuscule (lower case) letter . In North America, the c is crossed by a diagonal stroke or a vertical line (depending on typeface), yielding the character . The United States one cent coin is generally known by the nickname "penny", alluding to the British coin and unit of that name.
HyperinflationIn economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. When measured in stable foreign currencies, prices typically remain stable. Unlike low inflation, where the process of rising prices is protracted and not generally noticeable except by studying past market prices, hyperinflation sees a rapid and continuing increase in nominal prices, the nominal cost of goods, and in the supply of currency.
Currency substitutionCurrency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. The process is also known as dollarization or euroization when the foreign currency is the dollar or the euro, respectively. Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in Ecuador, El Salvador, and Zimbabwe. Some small economies, for whom it is impractical to maintain an independent currency, use the currencies of their larger neighbours; for example, Liechtenstein uses the Swiss franc.
IstanbulIstanbul (ˌɪstænˈbʊl , USalsoˈɪstænbʊl ; İstanbul isˈtanbuɫ), formerly known as Constantinople (Κωνσταντινούπολις; Constantinopolis; Ottoman Turkish: قسطنطينيه), is the largest city in Turkey, serving as the country's economic, cultural and historic hub. The city straddles the Bosporus strait, lying in both Europe and Asia, and has a population of over 15 million residents, comprising 19% of the population of Turkey. Istanbul is the most populous European city and the world's 15th-largest city.
Turkish AirlinesTurkish Airlines (Turkish: Türk Hava Yolları) or officially Türk Hava Yolları Anonim Ortaklığı is the flag carrier of Turkey. , it operates scheduled services to 340 destinations in Europe, Asia, Africa, and the Americas, making it the largest mainline carrier in the world by number of passenger destinations. The airline serves more destinations non-stop from a single airport than any other airline in the world and flies to 126 countries, more than any other airline.
Italian liraThe lira (ˈlɪərə; plural lire) was the currency of Italy between 1861 and 2002. It was first introduced by the Napoleonic Kingdom of Italy in 1807 at par with the French franc, and was subsequently adopted by the different states that would eventually form the Kingdom of Italy in 1861. It was subdivided into 100 centesimi (singular: centesimo), which means "hundredths" or "cents". The lira was also the currency of the Albanian Kingdom from 1941 to 1943.
