Ottoman Lira

Ottoman Lira

The currency of the Ottoman Empire between 1862 and its demise after World War I. The lira's issue marked the first time the Ottoman Empire printed paper money. It was pegged to gold. It was replaced by the Turkish lira and a number of other national currencies.
Mentioned in ?
References in periodicals archive ?
The average amount of 6 loan agreements was 5.690.000 Ottoman lira and the average interest rate was 5.6% (Onsoy, 1999).
For instance, as seen from the data of Table 4, while the budget deficit of the 1869-1870 financial year was 507 245 Ottoman liras (1 Ottoman lira =100 cents), the budget deficit in 1871-1872 budget was realized as 3 564 520 Ottoman liras.
(1a) In 1844, One Ottoman lira was accepted as 100 cents.
Starting from the data in this table, it is calculated that the average of the 15 separate foreign borrowings is 16 346 667 Ottoman liras and the average interest is 5.6% and the loan amount received after the deduction of the commission per loan is about 8 768 613 Ottoman liras.
The average amount of the loans was increased to 23 451 111 Ottoman liras with an increase ratio of 412%, but the average interest rate was remained same with 5.6% (Onsoy, 1999).
While the budget income for the years 1874-75 was about 25 million Ottoman liras, the amount of the installments of the loans repaid in that year was 13.2 million liras.
As of 1857-58 budget the revenues and expenditures were realized more than 10 million Ottoman liras. This course was followed by the increase up to 20 million Ottoman liras in terms of revenues of 1872-73 budget and the expenditures of 1871-72 budget.
When the budget deficits of the financial years between 1853-54 and 1875-76 as seen from Table 4 are examined; it will be seen that the only surplus was about 117.5 thousand Ottoman liras in 1868-69 budget and there was budget deficit in all other budgets.
In 1862-63 financial year, the total of the domestic and foreign borrowings of the Ottoman State was 45 million Ottoman liras. This debt burden of the Treasury was about 3, 5 times of the state revenues (13.2 million Ottoman liras) of 186263 budget.
The annual repayments for principal amount and interest were 11 million pounds (12.1 million Ottoman liras), while the total of the revenues of the Ottoman State were about 18 million pounds (19.8 million Ottoman liras) (Tabakoglu, 2003).
The total of the deductions was 1 237 075 pounds (1 360 783 Ottoman liras), while the increase in the expenditure items was 411 835 pounds (approximately 450 019 Ottoman liras) and the major part of this increase with an amount of 289 075 pounds (317 983 Ottoman liras) was caused by the increase in the interest of the state debts (Varcan, 2000).