New Turkish Lira

The New Turkish Lira is the new currency to be issued in Turkey as of January 1, 2005. It is equivalent to 1,000,000 old Turkish Lira and divisible into 100 New Kurus. The ISO 4217 code of New Turkish Lira is TRY.

Symbol: YTL (Yeni Turk Lirasi)

Banknotes: 100, 50, 20, 10, 5 and 1 YTL

Coin: 1 YTL and 50, 25, 10, 5, and 1 New Kurus

Due to inflation experienced in Turkey from the 1970s through to the 1990s, the Turkish Lira experienced severe depreciation in value. From an average of 9 Lira per US Dollar in the late 1960s, the currency came to trade at approximately 1,650,000 per US Dollar in late 2001.

Although it has since recovered somewhat, the Turkish Parliament passed a law in late January 2004 which allows for the removal of six zeroes from the currency, and the creation of the New Turkish Lira.

External Links

• Images of the new banknotes and coins (http://www.tcmb.gov.tr/ytlkampanya/banknotes/banknotes.htm)
• New Turkish Lira Official Changeover Campaign (Turkish) (http://www.tcmb.gov.tr/ytlkampanya/)

This article is licensed under the GNU Free Documentation License. It uses material from Wikipedia article. Browse Wikipedia for more information.