1/2/2009

New Turkish currency in circulation

AA – The Central Bank of Turkey put into circulation the country's new currency the "Turkish lira" (TL) replacing the "new Turkish lira" (TRY) with the beginning of 2009. New banknotes and coins are renamed as TL and kurus and they entered into circulation on January 1st, 2009 with new designs, sizes and enhanced security features. The new arrangement does not bring any change in the value of the Turkish currency. The inflation problem experienced in Turkey over the past few decades until early 2000s caused severe depreciation in value of the Turkish lira. The currency came to trade at approximately 1.65 million lira per U.S. dollar in late 2001. In 2003, Turkish parliament passed a law that allowed removal of six zeroes from the currency, and circulation of the new lira. It was introduced on January 1st, 2005 replacing the previous lira. TRY and TL will be in circulation together for one year until 2010.

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