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Erdoğan, who claimed interest rates beyond his control to be "the mother and father of all evil", said that "the central bank can't take this independence and set aside the signals given by the president." In the campaign for the 2018 general election in Turkey, a widespread conspiracy theory claimed that the Turkish lira's decline were the work of a shadowy group, made up of Americans, English, Dutch and "some Jewish families" who would want to deprive incumbent President Erdogan of support in the elections.
The new symbol, created by Tülay Lale, is composed of the letter 'L' shaped like a half anchor, and embedded double-striped letter 'T' angled at 20 degrees.
Turkey is already a firmly established tourist destination, with nearly 40 million tourists visiting from all over the world in 2015 according to Invest in Turkey, making it the sixth most popular holiday destination.
The Turkish government is keen to extend this popularity into the international student market, with a target of 100,000 international students by 2018.
At the same time, the Government introduced two new banknotes called TRY100 and TRY50.
In December 2003, the Grand National Assembly of Turkey passed a law that allowed for redenomination by the removal of six zeros from the Turkish lira, and the creation of a new currency.
Prime Minister Recep Tayyip Erdoğan announced the new symbol on 1 March 2012.
The company's main activities are design, manufacturing, installation and service of integrated electrical power conversion and back-up systems, from a single component and up to complete turnkey solutions.
It was introduced on 1 January 2005, replacing the previous Turkish lira (which remained valid in circulation until the end of 2005) at a rate of 1 second Turkish lira (ISO 4217 code "TRY") = 1,000,000 first Turkish lira (ISO 4217 code "TRL").
With the revaluation of the Turkish lira, the Romanian leu (also revalued in July 2005) briefly became the world's least valued currency unit.