|
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* “Old” TL banknotes will be withdrawn from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.
|
:
