Follow RT for news and stories on economic matters and the world's currencies, including lira – the official currency of Turkey. The self-declared Turkish Republic of Northern Cyprus also use the Turkish lira as their currency. Find news and stories on the history and evolution of the Turkish lira. It has its roots the ancient Roman unit of weight called libra. From 1844–1923 there was the Ottoman lira, and then was the first Turkish lira till 2005. Today modern Turkey uses the second variant of lira after redenomination and removal of six zeros from the Turkish lira. Recently Turkish lira has significantly dropped, which means crisis is Turkey. The value of the Turkish lira has halved in 2017 against the US dollar. The decline has been aggravated by latest US threat to double tariffs on Turkish steel and aluminum. However, there is a list of other reasons of lira freefall. Get the news and stories on that matter, as well as on Turkish relations with the US.