The Turkish War of Independence, initiated by Mustafa Kemal Atatürk and his colleagues against occupying Allied Powers, resulted in the abolition of monarchy in 1922 and the establishment of the Republic of Turkey in 1923, with Atatürk as its first president. Atatürk enacted numerous reforms, many of which incorporated various aspects of Western thought, philosophy, and customs into the new form of Turkish government.
The lira is the currency of Turkey. The Turkish Republic replaced the old Ottoman lira with the Turkish lira, a medium-sized silver coin. Banknotes were also added later. In contrast to the old Ottoman lira, the Turkish lira was less strong. The value of the currency also decreased compared to 1 dollar from 2 Turkish lira in 1933 to 1 410 000 Turkish lira in 2007. On 1 January 2005 the New Turkish lira was introduced. A new lira was worth as much as one million old lira. Since 1 January 2009 the prefix “new” has been omitted.