[**claire**]

New Turkish Lira unveiled in another step to curb inflation


Turkey on Monday unveiled the design of its new currency, two months before it goes into circulation, in what Turkish officials described as a major step in the battle against inflation.

The New Turkish Lira (YTL) will come into effect on January 1, 2005, scrapping six zeroes from the current money, which has been a symbol of economic failure and 30 years of hyperinflation, AFP reported.
The smallest coin today is worth 25,000 lira (0.01 dollars or euros), while the biggest banknote is 20 million lira (13 dollars or 10 euros).
"With the YTL, our country`s longing for low inflation is coming to an end -- with the YTL, our currency's longing for prestige is coming to en end," Turkish Prime Minister Recep Tayyip Erdogan told a ceremony introducing the new currency, attended by cabinet ministers and financial authorities.
After the reform, the banknotes in circulation will be one, five, 10 and 2O YTL, 50 YTL and 100 YTL, which will all carry portraits of Turkey's founder, Mustafa Kemal Ataturk.
He dismissed speculations that inflation may go up as tradesmen round off amounts upwards with the new currency, as was the case in some EU countries after the adoption of the Euro. "The smallest currency will be one kurus rather than 25,000 thousand liras. That will in fact decrease the already rampant rounding off of figures," Babacan said.

[irish_girl_03]

i have stacks of millions in the house was going to just keep them for next year..must get them changed lol. im used to the turkish lira i will probly get mixed up with it nxt year lol

[Andrea]

that just sounds to confusing, whats happening

[tracy]

Is there a change over time when you can use both old and new currency? Surely it all can't change over night. I never had a problem with the old lira but the times I had to 'sort people out' on the dolmus was amazing lol. I think it will be good, most people never said the noughts anyway!

Tracy

[Blueberry]

i think this is good making the monetary denominations smaller it surely will be easier to manage!

[Hande]

I'll keep some millions and show them my kids and grandchildren :razz:

-look honey I was a millionaire when I was younger
-yeah sure :roll:
-you don't believe me?? :twisted:
-no!! :x
-well then look at these... hehe 8)
-*falls off the chair*

that'll be great :lol2:

[Mella]

LOL HANDE

[cemeesti]

new turkish banknots will be such boring as on following link:
http://www.tcmb.gov.tr/yeni/egm/ing/b006000.html

and the coins will be almost same with the Euro

[Croushy]

Originally Posted by cemeesti

new turkish banknots will be such boring as on following link:
http://www.tcmb.gov.tr/yeni/egm/ing/b006000.html

and the coins will be almost same with the Euro

OOOOHHHHH! Im happy! They are the same as the old notes! Same pictures, same colours...
It wont be difficult to get used to pay with this new money. I was a little bit affraid... Thanx cemeesti!

[**claire**]

Turkey ushered in the New Year with a new currency, scrapping the multi-million-lira banknotes that had bewildered tourists and embarrassed government officials and ordinary citizens during decades of chronic hyperinflation.

"We are happy that we have given the lira back its credibility," Prime Minister Recep Tayyip Erdogan told reporters as he drew some notes from a cash dispenser after midnight.

The New Turkish Lira, known locally by the initials YTL, is worth one million old lira and can be exchanged for 0.74 dollars or 0.55 euros, enabling a foreigner to buy a cup of coffee or bargain for souvenirs without the help of a pocket calculator.

But old banknotes, including the 20,000,000-lira bill -- the world's largest denomination -- will remain legal tender until December 31, 2005, and shopkeepers must display goods at the old as well as the new price until then.

One result will be the return of the kurus, which disappeared from circulation more than two decades ago. There will be 100 kurus to the New Turkish lira, and Turks will for the first time for many years again have to get used to handling coins.