Turkey introduces symbol for national currency

The newly-designed currency symbol for the Turkish Lira was revealed by the Turkish government at a ceremony in Ankara yesterday. The symbol, chosen after a competition, is meant to bring together the letters T and L, and to be reminiscent of an anchor, and the upward direction of two cross lines to represent rising market value. "The Turkish lira has a symbol now, just like the US dollar, the euro and the yen," Prime Minister Erdogan said at the unveiling ceremony, noting that the introduction of a symbol for the lira is not just a technical operation. "It signifies a renewed value and prestige for our national currency, the reawakening of a nation and its re-emergence as a global actor. This symbol shows our currency's rising value as a safe haven," Erdogan said. Tulay Lale, the artist who designed the currency symbol, was presented the grand prize at the event. Central Bank Governor Erdem Basci said a new currency symbol was needed to clinch the acquired prestige and raise the recognition level of lira, adding that the idea of organizing a currency symbol competition was part of the 2011-2015 strategic plan of the Central Bank.