Value of 2002 Turkish Lira today - Inflation Calculator

₺100 in 2002

₺3,322.95 in 2024

The inflation rate in Turkey between 2002 and today has been 3,222.95%, which translates into a total increase of ₺3,222.95. This means that 100 lira in 2002 are equivalent to 3,322.95 lira in 2024. In other words, the purchasing power of ₺100 in 2002 equals ₺3,322.95 today. The average annual inflation rate between these periods has been 17.26%.

Inflation timeline in Turkey (2002 - 2024)

The following chart depicts the equivalence of ₺100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (TRY) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator	Value
Cumulative inflation 2002-2023	1,710.54%
Cumulative inflation 2002-today	3,222.95%
Avg. Annual inflation 2002-2023	14.79%
CPI 2002	31.56
CPI 2023	571.37
CPI 2024-11 (latest official data)	1,019.72
CPI today	1,048.66

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Value_t =Value₀ ×

CPI_t/CPI₀

To obtain the values equivalent in buying power between 2002 and 2023, use the corresponding CPI values:

Value₂₀₂₃

=Value₂₀₀₂ ×

CPI₂₀₂₃/CPI₂₀₀₂

=₺ 100 ×

571.37/31.56

≈₺1,810.54

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 1,048.66:

Value_today

=Value₂₀₀₂ ×

CPI_today/CPI₂₀₀₂

=₺ 100 ×

1,048.66/31.56

≈₺3,322.95

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)ⁿ, where:

FV: Future Value
PV: Present Value
i: Interest rate (inflation)
n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are ₺100 worth today. There are 21 years between 2002 and 2023 and the average inflation rate was 14.7878%. Therefore, we can resolve the formula like this:

Value₂₀₂₃

=PV × (1 + i)ⁿ

=₺100 × (1 + 0.147878)²¹

≈₺1,810.54

Turkey inflation - Conversion table

Initial Value		Equivalent value
₺1 lira in 2002	→	₺18.11 lira in 2023
₺5 lira in 2002	→	₺90.53 lira in 2023
₺10 lira in 2002	→	₺181.05 lira in 2023
₺50 lira in 2002	→	₺905.27 lira in 2023
₺100 lira in 2002	→	₺1,810.54 lira in 2023
₺500 lira in 2002	→	₺9,052.7 lira in 2023
₺1,000 lira in 2002	→	₺18,105.41 lira in 2023
₺5,000 lira in 2002	→	₺90,527.04 lira in 2023
₺10,000 lira in 2002	→	₺181,054.07 lira in 2023
₺50,000 lira in 2002	→	₺905,270.36 lira in 2023
₺100,000 lira in 2002	→	₺1,810,540.72 lira in 2023
₺500,000 lira in 2002	→	₺9,052,703.61 lira in 2023
₺1,000,000 lira in 2002	→	₺18,105,407.22 lira in 2023

Cumulative inflation From 2002	3,222.95%
Avg. annual inflation From 2002	17.26%
CPI 2002	31.56
CPI today	1,048.66

Value of Lira over time (by year)

Period	Value
2002	100
2003	121.6
2004	132.06
2005	142.86
2006	156.57
2007	170.28
2008	188.06
2009	199.82
2010	216.94
2011	230.98
2012	251.51
2013	270.36
2014	294.3
2015	316.88
2016	341.51
2017	379.57
2018	441.57
2019	508.58
2020	571.03
2021	682.93
2022	1,176.75
2023	1,810.54
2024-11	3,231.23
Today	3,322.95