The Turkish Government changed their currency on 1 January 2005 to the Yeni Turkish Lira (YTL) and the one year transition allowing use of the old style notes is almost up.

The Turkish Government changed their currency on 1 January 2005 to the Yeni Turkish Lira (YTL). Years of high inflation had increased the Turkish Lira so high that the Lira was into millions, and trillions. So, on 1 January 6 zero’s were removed.

The result is as follows:

Old Lira TL New Lira (YTL)  GBP Equiv @ 2.5 YTL 

 –

 1 kurus

 0.004

 50,000

 5 kurus

 0.02

 100,000

 10 kurus

 0.05

 250.000

 25 kurus

 0.10

 500,000

 50 kurus

 0.20

 1,000,000

 1 YTL

 0.40

 5,000,000

 5 YTL

 2.00

 10,000,000

 10 YTL

 4.00

 20,000,000

 20 YTL

 8.00

 –

 50 YTL

 20.00

 –

 100 YTL

 40.00

The Government allowed a 1 year change over to take all of the old money out of circulation and this time will be up on 1 January 2006. Don’t worry if you still have the old style notes as you can change them at the banks. They won’t be accepted by anyone else. Official information can be found here

Old Habits Die Hard – Traders are still increasing prices as they did under the old currency even though they now able to use the new Kurus. For example, a cafe owner may increase the price of a cup of tea from 50 kurus to 75 kurus (500,000 old lira to 750,000 old lira) – a 50% increase in price! However, they are now able increase their price in increments of 1 kurus because coins exist. So, they should really only increase the price by 5 kurus to keep in line with inflation of 10%.  Will they?

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