Istanbul Overview
| Cost of living |
| After over two decades of rampant inflation, when increasingly larger denomination banknotes had to be put into circulation every couple of years (the largest note in 2005 was 20 million TL, worth around US$15), things took a turn for the better in 2005. Inflation calmed down to 7.7% and the devaluation of the Turkish Lira in January 2006 meant ridding of all the zeros, hence 1,000,000 Turkish Lira became 1 Yeni Turk Lirasi (New Turkish Lira). 1 Turkish New Lire (TRY1) = £0.36; US$0.71; C$0.83; A$0.90; €0.54 Currency conversion rates as of January 2007 |