Special Report:Global Financial Crisis
ANKARA, Jan. 1 (Chinese media) -- Turkish Central Bank put into circulation the
country's new currency the "Turkish Lira" (TL) at the beginning of 2009,
replacing the "New Turkish Lira" (YTL), the semi-official Anatolia news agency
reported Thursday.
New banknotes and coins are renamed as TL and Kurus and they entered into
circulation on Jan. 1, 2009 with new designs, sizes and enhanced security
features, said the report.
It added that the new arrangement does not bring any change in the value of
Turkish currency, and YTL and TL will be in circulation together for one year
until 2010.
According to the report, the bank started to issue 200 TL banknotes, as the
most valuable banknote was 100 YTL so far in Turkey.
The inflation problem experienced in Turkey over the past few decades,
causing severe depreciation in value of 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, which was formally
introduced on Jan. 1, 2005 replacing the previous lira.
Posts
No comments:
Post a Comment