The Turkish lira (currency sign: TL; Turkish: Türk lirası; ISO 4217: TRY) is the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus. The lira is subdivided into 100 kuruş. All notes and coins of Turkish Lira have portraits of Mustafa Kemal Atatürk from different points of his life since 1930s (with the exception of some notes of second emission, 1937–1942, which features İsmet İnönü) on the obverse side. Central Bank of Turkey is organizing a contest for a new currency sign in October 2011.