The Turkish Monetary Unit is the currency used in Turkey and is represented by two different words: Lire (4 letters) and Lira (4 letters). The Lire was the official currency of Turkey until 2005 when it was replaced by the Lira. The Lira is now the official currency of Turkey and is divided into 100 kurus. The exchange rate of the Lira to other currencies is determined by the Central Bank of the Republic of Turkey.