The official currency of Turkey is the Turkish lira (Türk Lirası, TL or TRY) . It was introduced as the official currency of Turkey in 1844, replacing the kurus which was in circulation at the time. The Turkish lira is divided into subunits called kuruş, with one lira being equivalent to 100 kuruş. Currently, there are 5, 10, 20, 50, 100, and 200 lira banknotes, as well as 1, 5, 10, 25, and 50 kuruş coins. The symbol for the Turkish lira is ₺, and it was introduced by the Turkish Central Bank to denote the currency. While major currencies like USD, GBP, and EUR are accepted in Turkey, the official currency for transactions is the Turkish lira.