Value of 2003 Turkish Lira today

₺100 in 2003

₺431.66 in 2019

The inflation rate in Turkey between 2003 and today has been 331.66%, which translates into a total increase of ₺331.66. This means that 100 lira in 2003 are equivalent to 431.66 lira in 2019. In other words, the purchasing power of ₺100 in 2003 equals ₺431.66 today. The average annual inflation rate has been 8.98%.

Inflation timeline in Turkey (2003-2019)

The following chart depicts the equivalence of ₺100 throughout the years due to 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (2003-2019) 326.37%
Total Inflation* 331.66%
Annual inflation avg. (2003-2019) 9.49%
Annual inflation avg.* 8.98%
CPI 2003 35.45
CPI 2019 151.15
CPI today* 153.03
₺1 in 2003 ₺4.26 in 2019

* Values extrapolated from the last official data to obtain today's values.

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 compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes in time as a result of an inflation rate that acts as a compound interest, the following formula can be used: 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 16 years between 2003 and 2019 and the average inflation rate has been 8.9837%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = ₺100 * (1 + 0.09)16 = ₺426.37

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 2003 was 35.45 and the CPI today is 153.03. Therefore,

Final value = Initial value *
CPI final/CPI initial
= ₺100 *
151.15/35.45
= ₺426.37

Turkey inflation - Conversion table

Initial Value Equivalent value
₺1 lira in 2003 ₺4.32 lira today
₺5 lira in 2003 ₺21.58 lira today
₺10 lira in 2003 ₺43.17 lira today
₺50 lira in 2003 ₺215.83 lira today
₺100 lira in 2003 ₺431.66 lira today
₺500 lira in 2003 ₺2,158.32 lira today
₺1,000 lira in 2003 ₺4,316.63 lira today
₺5,000 lira in 2003 ₺21,583.17 lira today
₺10,000 lira in 2003 ₺43,166.34 lira today
₺50,000 lira in 2003 ₺215,831.71 lira today
₺100,000 lira in 2003 ₺431,663.43 lira today
₺500,000 lira in 2003 ₺2,158,317.14 lira today
₺1,000,000 lira in 2003 ₺4,316,634.27 lira today

Value of Lira in time (by year)

Period Value
2003 100
2004 112.71
2005 123.25
2006 132.77
2007 145.58
2008 157.8
2009 173.68
2010 185.01
2011 196.85
2012 217.42
2013 230.82
2014 247.9
2015 268.16
2016 291.78
2017 316.67
2018 354.42
2019 426.37
Today 431.66