Money The Change Over to the New Turkish Lira YTL is Almost Complete
Tuesday, 13 December 2005 01:00
ions, 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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