Turkey's monetary unit is the Lira, which has been in use since the late 19th century. The Lira was first introduced in 1844 as the Ottoman Empire's currency, and it remained the official currency of Turkey until 2005 when it was replaced by the New Turkish Lira. The New Turkish Lira is a decimalized currency, with one Lira being equal to 100 kuruş. The symbol for the Lira is ₺ and it is the official currency of Turkey.