Central Bank of the Republic of Türkiye

The Central Bank of the Republic of Türkiye (Türkiye Cumhuriyet Merkez Bankası) operates as the central monetary authority overseeing a currency system transformed through redenomination and modern series development.

Quick Facts

Country: Turkey

Currency: Turkish Lira

Local name: Türkiye Cumhuriyet Merkez Bankası

Institutional Identity

The Bank operates as Türkiye’s central monetary authority, managing inflation, issuing currency, and stabilizing the lira within a volatile economic environment shaped by recurring inflation cycles and active monetary interventions.

Historical Evolution

Established in 1930, the Bank introduced the modern lira following the collapse of Ottoman monetary systems, with a defining reform in 2005 when six zeros were removed (1,000,000:1), ending a hyperinflationary era that peaked with the extraordinary 20,000,000 Lira banknote—one of the highest denominations ever circulated before redenomination.

Design Philosophy

The modern banknote family, officially designated as the E9 Emission Group, presents Mustafa Kemal Atatürk on all obverses, while reverses form a curated intellectual gallery featuring figures such as mathematician Cahit Arf—whose 10 Lira note displays the Arf invariant equation—alongside architects, historians, and scientists, executed with advanced security features and refined engraving.

For collectors

For collectors, the Central Bank of the Republic of Türkiye offers a dual collecting spectrum—from hyperinflation relics with extreme denominations to the structured E9 series, where highlights include the Arf invariant note for science-themed collections and the 50 Lira featuring Fatma Aliye Topuz, a key piece for “Women on Banknotes” specialists.

Explore Banknotes Issued by Central Bank of the Republic of Türkiye