Turkey presents Lira’s symbol

The government has revealed the new currency symbol of the Turkish Lira. This is a signal of ‘power, prestige and independence,’ says Prime Minister Erdogan. A new symbol was needed to solidify the lira’s prestige, the Central Bank governor adds
The newly-designed currency symbol for the Turkish Lira was revealed by the Turkish government at a ceremony in Ankara yesterday.

Tulay Lale, the artist who designed the winning symbol, was given the grand prize at the event.
“Money symbolizes power, prestige and independence just like the flag or (national) anthem,” said Prime Minister Recep Tayyip Erdogan in his speech there.

He criticized former governments for a drop in the value of the currency, saying Central Bank Governor Erdem Basc? and his team were about to conclude an operation to raise the value of the lira again.
“We are coming to the end of a crucial phase of this operation by adopting such a symbol for the lira and spreading its usage,” he said.

Deputy Prime Minister Ali Babacan, who also heads the Economic Coordination Committee comprised of related cabinet members, said the new symbol was “a sign of 9.5 years of stability and success,” referring to the ruling Justice and Development Party’s governance during the period.

Basc? said economy officials had given priority to two significant features of the currency symbol and the Turkish economy when making the final decision on the design, which had been simply the initials of “Turkish Lira” (TL).

“The new icon resembles an anchor, which emphasizes that the lira has become a safe investment haven,” said Basc?, adding that the parallel lines of the new design faced upward, which symbolized the steadily increasing value of the lira and the Turkish economy.

The lira has been increasingly used in international markets in recent years, said Basc?, citing data from the Bank for International Settlements. Basc? said the use of the lira had increased three-fold in 2010 when compared to 2007, according to the bank.

A new currency symbol was needed to clinch the acquired prestige and raise the recognition level of the lira, he said, adding that the idea of organizing a currency symbol competition was part of the 2011-2015 strategic plan of the Central Bank.

There was strong interest in the competition, which was first announced on Sept. 8, 2011. It received a total of 8,362 applications, he said, noting that only seven of them were shortlisted and three of them were honored with encouragement awards.



/Hurriyet Daily News/