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Turkey transfers to new currency

Tue 15 December 2009 | 13:10 GMT Text size:

6012

Turkish Lira

The new forms of banknotes and coins will differ from the old ones in size, design, color, and anti-counterfeiting properties.

The so-called New Turkish Lira (YTL) will be withdrawn from circulation on 1 January 2010 and a currency named "Turkish Lira" will be put in circulation.

The banknotes and coins resembling euro have been presented by the country's Central Bank on 1 January 2009. This year was used by the Turkish banks to gather old banknotes and replace them with the new ones from 2010.

Though the circulation of the New Turkish Lira will stop on 1 January, the previous banknotes will be exchanged for new ones within the next 10 years in the Central Bank. As for the coins, they can be exchanged only by the end of 2010.

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