Hi
January 1, 2005 sees the introduction of the New Turkish Lira ( YTL) to
replace the old Türk Lirasi (TL).
The New Turkish Lira is equivalent to one million (old) Turkish Liras (TL).
In other words, six zeros have been dropped from the old TL to make the YTL.
If you paid TL1,000,000 for a drink in 2004, you pay YTL1 in 2005.
The New Turkish Lira is divided into 100 New Kurus.
YTL notes are in denominations of YTL1, 5, 10, 20, 50 and 100.
YTL coins are in denominations of YKr1, 5, 10, 25 and 50 (New Kurus) and
YTL1.
Old Turkish liras are being withdrawn from circulation during 2005.
Officials expect most old TL notes to be withdrawn by March 2005, but both TL and YTL notes/bills may be used everywhere until December 31, 2005.
Starting January 1, 2006, and continuing until December 31, 2016, old TL
notes will no longer be accepted, but may be exchanged for YTL only at
Turkish Central Bank offices or, in the absence of a Central Bank office, at
a TC Ziraat Bankasi office.
It will certainly make life easier the next time we visit Turkey.
Don
