| The New Turkish
Lira (TRY) 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Lira will be withdrawn from circulation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.
1,000,000TL (ie the new currency has six less zeros than
the old currency).
New Turkish Lira (TRY). Notes are in denominations of TRY100, 50,
20, 10, 5 and 1. Coins are in denominations of TRY1 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.
All exchange certificates and purchase receipts must be hold on
to, to prove that legally exchanged currency was used. Money and
travellers cheques can be exchanged at all PTT branches. Many UK
banks offer differing rates of exchange depending on denominations
of Turkish currency being bought or sold. Check with banks for details
and current rates.
American Express, Diners Club, MasterCard and Visa
are accepted. Check with your credit or debit card company for details
of merchant acceptability and other services which may be available.
Travellers cheques can be cashed right away upon proof of identity.
On the other hand, it may take several days to cash cheques from
private accounts. To avoid additional exchange rate charges, travellers
are advised to take travellers cheques in Pounds Sterling or US Dollars.
Exchange rate indicators
The following figures should be perceived as a guide to the movements
of the New Taiwan Dollar against the US Dollar and UK Pounds Sterling: