Lira’s symbol reflects power of economy, Erdoğan says

ANKARA - Anatolia News Agency

Deputy PM Ali Babacan (L), Prime Minister Erdoğan (C) and Central Bank Gov Başçı present the new symbol of the Turkish Lira at a ceremony in Ankara yesterday. DAILY NEWS photo, Selahattin SÖNMEZ

The newly-designed currency symbol for the Turkish Lira was revealed by the Turkish government at a ceremony in Ankara yesterday.Tülay Lale, the artist who designed the winning symbol, was given the grand prize at the event.“Money symbolizes power, prestige and independence just like the flag or (national) anthem,” said Prime Minister Recep Tayyip Erdoğan in his speech there.He criticized former governments for a drop in the value of the currency, saying Central Bank Governor Erdem Başçı and his team were about to conclude an operation to raise the value of the lira again.“We are coming to the end of a crucial phase of this operation by adopting such a symbol for the lira and spreading its usage,” he said.Deputy Prime Minister Ali Babacan, who also heads the Economic Coordination Committee comprised of related cabinet members, said the new symbol was “a sign of 9.5 years of stability and success,” referring to the ruling Justice and Development Party’s governance during the period.Başçı said economy officials had given priority to two significant features of the currency symbol and the Turkish economy when making the final decision on the design, which had been simply the initials of “Turkish Lira” (TL).“The new icon resembles an anchor, which emphasizes that the lira has become a safe investment haven,” said Başçı, adding that the parallel lines of the new design faced upward, which symbolized the steadily increasing value of the lira and the Turkish economy.The lira has been increasingly used in international markets in recent years, said Başçı, citing data from the Bank for International Settlements. Başçı said the use of the lira had increased three-fold in 2010 when compared to 2007, according to the bank.A new currency symbol was needed to clinch the acquired prestige and raise the recognition level of the lira, he said, adding that the idea of organizing a currency symbol competition was part of the 2011-2015 strategic plan of the Central Bank.There was strong interest in the competition, which was first announced on Sept. 8, 2011. It received a total of 8,362 applications, he said, noting that only seven of them were shortlisted and three of them were honored with encouragement awards.Başçı said some changes had made to Lale’s initial design, which matches the golden ratio.“We will have the symbol included in the standard character codes used worldwide,“ Başçı said.Personal computer operating systems can be updated with software that puts a shortcut on the keyboard, “Alt Gr and T.” It can be downloaded from the Central Bank’s website.Firms producing commercial devices will also be able to update the software installed on their products to feature the new currency symbol.The symbol can be downloaded for computer usage from the Central Bank’s website at www.tcmb.gov.tr.