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The Return of the Turkish Lira
Under a law (Statute 5083) concerning the currency unit of the Republic of Turkey that was published in the government gazette on 31 October 2004, “new Turkish lira” (“YTL”) bills and coins went into circulation at the beginning of 2005. According to the same law, the “old” (“TL”) bills and coins ceased to be current effective a year later on 1 January 2006.
In this two-stage rehabilitation of the Turkish lira, the word yeni (“new”) was added to the name of the old currency to make it Yeni Türk Lirası. This is consistent with the practice followed in many other countries that have reformed their own national currencies. In the second stage of this process, the word “new” is eliminated at some point and the currency reverts to its former name.
We are now on the threshold of this second and final stage of the reform of the Turkish lira. The word yeni, which was added at the beginning of the process to prevent confusion between the old and new currencies, is to be eliminated and the Turkish lira will revert to its former name once again.
Bills and coins sporting the names Türk Lirası and Kuruş have been redesigned. Their dimensions have been changed to prevent confusion and advanced security features have also been added.
For more detailed information (in Turkish) see http://www3.tcmb.gov.tr/tlkampanya/kampanya.html.
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