The 100-year exchange rate policy of the Republic of Türkiye has been shaped primarily by economic policies, global economic conditions and domestic political developments. Different policies have been implemented over the 100-year period, from fixed exchange rate systems to free floating regimes. In the early years of the Republic, the Turkish Lira was managed with a fixed exchange rate system based on gold and Sterling in order to control fluctuations in the foreign exchange market. The 1970s were marked by exchange rate controls accompanying the import substitution industrialization policy. With the free market reforms implemented in the 1980s, strict controls on exchange rates were lifted and foreign exchange transactions were liberalized. Full exchange rate freedom was adopted as of the 1990s. As a result of the crises experienced during this period, a free floating exchange rate regime was adopted in the 2000s. During this period, free market reforms and exchange rate liberalization have made significant contributions to the development of Türkiye's foreign exchange market.