Turkey To Put New Currency Into Circulation

TURKEY TO PUT NEW CURRENCY INTO CIRCULATION

/PanARMENIAN.Net/
15.12.2009 12:17 GMT+04:00

/PanARMENIAN.Net/ Turkey will remove the prefix "New" from its national
currency "New Turkish Lira" as of 1st January 2010, introducing the
second phase of its currency reform, trt-world.com reported.

The coins are supposed to be changed during 2010 while the old
banknotes will be exchanged in banks during next 10 years.

In the first phase of the reform, the New Turkish Lira banknotes
and coins were placed in circulation as of January 1, 2005 under the
Law on the Currency Unit of the Republic of Turkey. The second phase
involves removal of the prefix New and reverting back to "Turkish Lira"
under applicable provisions published in the Official Gazette.

As of 2010, the Central Bank and Ziraat Bank will exchange former
banknotes for 10 years and coins for 1 year. Reportedly, the ATMs
will accept and dispense only Turkish Lira while labels, tariffs and
price lists will be in Turkish Lira (TL) or Kurus (Kr).

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

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