Value of 2003 Turkish Lira today

₺100 in 2003
₺1,080.37 in 2022

The inflation rate in Turkey between 2003 and today has been 980.37%, which translates into a total increase of ₺980.37. This means that 100 lira in 2003 are equivalent to 1,080.37 lira in 2022. In other words, the purchasing power of ₺100 in 2003 equals ₺1,080.37 today. The average annual inflation rate between these periods has been 13.34%.

Inflation timeline in Turkey (2003 - 2022)

The following chart depicts the equivalence of ₺100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (TRY) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 2003-2021 461.61%
Cumulative inflation 2003-today 980.37%
Avg. Annual inflation 2003-2021 10.06%
CPI 2003 38.38
CPI 2021 215.52
CPI 2022-08 (latest official data) 389.76
CPI today 414.6

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 2003 and 2021, use the corresponding CPI values:

Value2021
=Value2003 ×
CPI2021/CPI2003
=₺ 100 ×
215.52/38.38
₺561.61

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 414.6:

Valuetoday
=Value2003 ×
CPItoday/CPI2003
=₺ 100 ×
414.6/38.38
₺1,080.37

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are ₺100 worth today. There are 18 years between 2003 and 2021 and the average inflation rate was 10.0615%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=₺100 × (1 + 0.100615)18
₺561.61

Turkey inflation - Conversion table

Initial Value Equivalent value
₺1 lira in 2003 ₺5.62 lira in 2021
₺5 lira in 2003 ₺28.08 lira in 2021
₺10 lira in 2003 ₺56.16 lira in 2021
₺50 lira in 2003 ₺280.8 lira in 2021
₺100 lira in 2003 ₺561.61 lira in 2021
₺500 lira in 2003 ₺2,808.05 lira in 2021
₺1,000 lira in 2003 ₺5,616.09 lira in 2021
₺5,000 lira in 2003 ₺28,080.47 lira in 2021
₺10,000 lira in 2003 ₺56,160.95 lira in 2021
₺50,000 lira in 2003 ₺280,804.74 lira in 2021
₺100,000 lira in 2003 ₺561,609.47 lira in 2021
₺500,000 lira in 2003 ₺2,808,047.37 lira in 2021
₺1,000,000 lira in 2003 ₺5,616,094.74 lira in 2021
Cumulative inflation From 2003 980.37%
Avg. annual inflation From 2003 13.34%
CPI 2003 38.38
CPI today 414.6

Value of Lira over time (by year)

Period Value
2003 100
2004 108.6
2005 117.48
2006 128.76
2007 140.03
2008 154.65
2009 164.32
2010 178.4
2011 189.94
2012 206.83
2013 222.33
2014 242.02
2015 260.58
2016 280.84
2017 312.14
2018 363.12
2019 418.23
2020 469.59
2021 561.61
2022-08 1,015.64
Today 1,080.37

All available years

Today's value of turkish lira by year:

1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |

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