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New Turkish Lira

3/11/2009

Value and Conversion

After suffering from long years of high inflation rates approaching 100% in some years, Turkish economy is now in a better shape and inflation has fallen to single digit numbers. In these years of high inflation, the value of the monetary unit, Turkish Lira fell sharply and it finally became the least valuable monetary unit in the world. At the least valuable state of the Turkish Lira, one American dollar was equal to about one point eight million Turkish Liras. It is dramatic when you write this in numbers:

 

1 USD = 1.800.000 TL

 

The largest bill printed in this period was the twenty million TL bill which is still in use. Since the economy is getting better and inflation rates are lower since the last a few years, the Turkish government is removing six zeros from the Turkish money. Starting from January 1st, 2005, the New Turkish Lira (YTL) will replace the Turkish Lira (TL). For one year, both Turkish Lira and New Turkish Lira will be in use and this one year will serve as the transition period to get used to the new monetary magnitude. One New Turkish Lira will now be one million Turkish Liras. We won´t be carrying millions in our pockets and billions in our bank accounts from now on, good bye to being a billionaire.

 

1 YTL = 1.000.000 TL

 

After the one year transition period is complete, starting from January 1st, 2006, the New Turkish Lira will be the only Turkish monetary unit being used in the market starting from this date. The smaller unit of Lira, called Kurus (koo-roosh), was not being used for the last several years but Kurus will be back with this new arrangement. It will be called Yeni Kurus (yeh-NEE koo-roosh, New Kurus) until 2006 and the name will change back to Kurus after January 1, 2006. The common one to a hundred ratio is used between the new Turkish Lira and Kurus.

 

1 YTL = 100 Yeni Kurus

 

Starting from January 1, 2006 old TL notes with the six zeros will no longer be accepted but they can be exchanged for the new TL only at the Central Bank of Turkey (TC Merkez Bankasi) offices or in the absence of a Central Bank office, at a TC Ziraat Bankasi office. After December 31, 20016, old TL notes and coins will have no legal value.


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