The New Turkish Lira (YTL) was introduced on January 1 2005 and both this and the old Turkish Lira (TL) will be in circulation throughout 2005. The old Turkish Lira will be withdrawn from circulation from January 1 2006.

After this it will only be possible to exchange old Turkish Lira for New Turkish Lira at the Central Bank for a period of 10 years.

1YTL = 1,000,000TL (ie the new currency has six less zeros than the old currency).
New Turkish Lira (YTL). Notes are in denominations of YTL100, 50, 20, 10, 5 and 1. Coins are in denominations of YTL1 and 50, 25, 10, 5 and 1 New Kuruº (Ykr).

Old Turkish Lira (TL). Notes are in denominations of TL20,000,000, 10,000,000, 5,000,000, 1,000,000, 500,000, 250,000 and 100,000. Coins are in denominations of TL250,000, 100,000, 50,000, 25,000, 10,000 and 5000.