New Turkish Lira – YTL

Essential Information

        * The New Turkish Lira or YTL will be effective from 01.01.2005.
        * “Y” stands for “Yeni”(“New”) in Turkish
        * Conversion: Six zeros to be deleted from existing TL.
        * The sub-unit of YTL is YKr (“Yeni Kurus”)
        * Both TL and YTL banknotes and coins will be in physical circulation in 2005 for one year.
        * “Old” TL banknotes will be withdrawn from circulation as of 1 January 2006.
        * After 1 January 2006, the Central Bank of Turkey will convert them to new banknotes for a period of 10 years.
        * Eventually, “New” will be dropped from the name of the currency and YTL will be called TL again.

New TL Denominations

        · Banknotes – 1, 5, 10, 20, 50 &100.
        · Coins – 1, 5, 10, 25 and 50 New Kurus and 1 New TL.

Your Questions Answered

Q: Will redenomination cause inflation?

Unlike the fractional conversion rates used in transition to Euro, the operation in Turkey involves a simple zero-removal process. As such, no considerable inflationary effect of redenomination is expected.

Q: How will exchange rates be affected?

The exchange rates announced daily by Central Bank of Turkey for YTL will be similar to existing exchange rates, e.g. £1 = 2,707,782 TL.

 

• 100 New Turkish Lira
   
•   50 New Turkish Lira
   
•   20 New Turkish Lira
   
•   10 New Turkish Lira
   
•     5 New Turkish Lira
   
•     1 New Turkish Lira

•   Coins