The New Turkish Lira reference article from the English Wikipedia on 24-Jul-2004 (provided by Fixed Reference: snapshots of Wikipedia from wikipedia.org)

New Turkish Lira

The New Turkish Lira is the new currency to be issued in Turkey as of January 1, 2005. It is equivalent to 1,000,000 old Turkish Lira and divisible into 100 New Kurus

Symbol: YTL (Yeni Turk Lirasi)

Banknotes: 100, 50, 20, 10, 5 and 1 YTL

Coin: 1 YTL and 50, 25, 10, 5, and 1 New Kurus

Due to inflation experienced in Turkey from the 1970s through to the 1990s, the Turkish Lira experienced severe depreciation in value. From an average of 9 Lira per US Dollar in the late 1960s, the currency came to trade at approximately 1,650,000 per US Dollar in late 2001.

Although it has since recovered somewhat, the Turkish Parliament passed a law in late January 2004 which allows for the removal of six zeroes from the currency, and the creation of the New Turkish Lira.

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