{
 "id": "turkey-1990-2005",
 "country": "Turkey",
 "currency": "Lira",
 "kind": "chronic",
 "periodStart": "1990",
 "periodEnd": "2005",
 "peakInflation": "Never ≥ 50%",
 "peakMonth": "—",
 "currencyReform": "1 new lira = 1,000,000 old (2005)",
 "cause": "Chronic deficits — high inflation for decades, never a hyperinflation",
 "resolution": "Independent central bank, six zeros removed (2005)",
 "url": "https://hyperinflation.rogzy.org/turkey-1990-2005/",
 "summary": "This is not a hyperinflation. Turkey had decades of chronic high inflation, tens of percent a year with crises (1994, 2001), but it never reached 50 % in one month, so it is absent from the H&K table. The lira went from 80 per dollar in 1980 to 1,350,000 in 2005. It was the world's least valued currency in 1995–96 and again in 1999–2004, until six zeros were removed on 1 January 2005. It is a contrast case: what inflation does without ever turning into a hyperinflation.",
 "timeline": [
  {
   "date": "1 Jan 2005",
   "event": "The new Turkish lira removes six zeros."
  }
 ],
 "banknotes": [
  {
   "label": "1 million Turkish lira",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/1_million_Lira.jpg"
  }
 ],
 "exchangeRates": {
  "unit": "Lira per 1 USD",
  "approximate": true,
  "notes": "Chronic high inflation, never 50% in a month: not a hyperinflation. The lira was the world's least valued currency in 1995–96 and 1999–2004 (Wikipedia). On 1 January 2005, 1,000,000 old lira became 1 new lira. Approximate series, kept for its shape; individual points are not sourced one by one.",
  "sources": [
   "Central Bank of Turkey",
   "World Bank",
   "FRED - Federal Reserve Economic Data"
  ],
  "points": [
   {
    "date": "1990-01",
    "rate": 2310
   },
   {
    "date": "1990-12",
    "rate": 2930
   },
   {
    "date": "1991-12",
    "rate": 5080
   },
   {
    "date": "1992-12",
    "rate": 8560
   },
   {
    "date": "1993-12",
    "rate": 14500
   },
   {
    "date": "1994-04",
    "rate": 38000
   },
   {
    "date": "1994-12",
    "rate": 38500
   },
   {
    "date": "1995-12",
    "rate": 59500
   },
   {
    "date": "1996-12",
    "rate": 107500
   },
   {
    "date": "1997-12",
    "rate": 205000
   },
   {
    "date": "1998-12",
    "rate": 314500
   },
   {
    "date": "1999-12",
    "rate": 545500
   },
   {
    "date": "2000-12",
    "rate": 677000
   },
   {
    "date": "2001-02",
    "rate": 960000
   },
   {
    "date": "2001-10",
    "rate": 1650000
   },
   {
    "date": "2002-12",
    "rate": 1650000
   },
   {
    "date": "2003-12",
    "rate": 1400000
   },
   {
    "date": "2004-12",
    "rate": 1340000
   }
  ]
 },
 "sources": [
  "Wikipedia, \"Turkish lira\" (read 2026-10-05): https://en.wikipedia.org/wiki/Turkish_lira",
  "Hanke & Krus (2012) — its absence from the table."
 ],
 "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."
}