The Turkish lira, which has been considered synonymous in the past with hyperinflation, has recently introduced a new symbol. “This signifies the Turkish lira gaining prestige, the revival of a nation, the expression that we, too, exist in the global arena,” said Turkish Prime Minister Recep Tayyip Erdogan at the unveiling of the new symbol.
Turkey has seen annual growth of more than 8% and is considered to be very influential in both North Africa and the Middle East. In 2005, Turkey dropped six zeros off its currency. The lira’s global circulation in global markets has increased three-fold and it is considered to be a reliable currency and investment tool. More than 8000 entries for the new design were submitted in a public competition. The anchor shape is meant to convey that the lira is a “safe harbor” and to show that Turkey’s economy is now securely fastened.
The use of the lira in foreign trade transactions, noted as the biggest source of support for making the new symbol known in international markets, has jumped over 21 times in the past 10 years, according to Turkish Economy Minister Zafer Çağlayan. Foreign trade will provide the best opportunity for promotion of the lira’s new symbol.