The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Turkey zeroes in on the New Year

feature-11-02.jpg

In a move that will sit well with the start of formal accession negotiations with the EU in a new era of low inflation, Turkey will start 2005 with a slimmed down New Turkish lira.

After 30 years of hyper-inflation, now tamed, the Turkish lira has in recent times been notorious as the world's most zero-laden currency. One US dollar, for example, was worth about TL1.5 million at the end of October and a pound sterling was fetching more than TL2.7 million. But it all ends on January 1 when the currency sheds six zeros to become the YTL – Y is for "Yeni" or "New" – Turkish Lira. A TL1 million bus ticket will become a simple YTL1 fare. A scarcely fathomable 2005 budget of TL153 quadrillion, 467 trillion will become a more manageable YTL153.4 billion.

The currency makeover also signals a return of the lira's subsidiary kurus denomination, which no-one under 30 remembers. The kurus – 100 of which make a lira – was last in use in 1975. But after January 1, it will be back and a loaf of bread at a state subsidized bakery will cost just 15 kurus.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree