Value of 2004 Turkish Lira today

₺100 in 2004
₺1,092.16 in 2023

The inflation rate in Turkey between 2004 and today has been 992.16%, which translates into a total increase of ₺992.16. This means that 100 lira in 2004 are equivalent to 1,092.16 lira in 2023. In other words, the purchasing power of ₺100 in 2004 equals ₺1,092.16 today. The average annual inflation rate between these periods has been 13.41%.

Inflation timeline in Turkey (2004 - 2023)

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 2004-2022 791.08%
Cumulative inflation 2004-today 992.16%
Avg. Annual inflation 2004-2022 12.92%
CPI 2004 41.68
CPI 2022 371.36
CPI 2022-12 (latest official data) 433.04
CPI today 455.16

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 2004 and 2022, use the corresponding CPI values:

Value2022
=Value2004 ×
CPI2022/CPI2004
=₺ 100 ×
371.36/41.68
₺891.08

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 455.16:

Valuetoday
=Value2004 ×
CPItoday/CPI2004
=₺ 100 ×
455.16/41.68
₺1,092.16

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 2004 and 2022 and the average inflation rate was 12.9206%. Therefore, we can resolve the formula like this:

Value2022
=PV × (1 + i)n
=₺100 × (1 + 0.129206)18
₺891.08

Turkey inflation - Conversion table

Initial Value Equivalent value
₺1 lira in 2004 ₺8.91 lira in 2022
₺5 lira in 2004 ₺44.55 lira in 2022
₺10 lira in 2004 ₺89.11 lira in 2022
₺50 lira in 2004 ₺445.54 lira in 2022
₺100 lira in 2004 ₺891.08 lira in 2022
₺500 lira in 2004 ₺4,455.42 lira in 2022
₺1,000 lira in 2004 ₺8,910.85 lira in 2022
₺5,000 lira in 2004 ₺44,554.25 lira in 2022
₺10,000 lira in 2004 ₺89,108.49 lira in 2022
₺50,000 lira in 2004 ₺445,542.47 lira in 2022
₺100,000 lira in 2004 ₺891,084.95 lira in 2022
₺500,000 lira in 2004 ₺4,455,424.74 lira in 2022
₺1,000,000 lira in 2004 ₺8,910,849.49 lira in 2022
Cumulative inflation From 2004 992.16%
Avg. annual inflation From 2004 13.41%
CPI 2004 41.68
CPI today 455.16

Value of Lira over time (by year)

Period Value
2004 100
2005 108.18
2006 118.56
2007 128.94
2008 142.41
2009 151.31
2010 164.27
2011 174.91
2012 190.46
2013 204.73
2014 222.86
2015 239.95
2016 258.61
2017 287.43
2018 334.37
2019 385.12
2020 432.41
2021 517.14
2022 891.08
2022-12 1,039.1
Today 1,092.16

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 | 2022 |

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