May 27, 2012
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YTL is history, banknote circulation to be stopped today
1 January 2010 / TODAY’S ZAMAN, İSTANBUL
New Turkish lira (YTL) banknotes are set to be withdrawn from circulation completely today. The YTL banknotes were legal tender along with the Turkish lira and kuruş until today.
The YTL banknotes can be redeemed for a period of 10 years, until Dec. 31, 2019, at branches of the Central Bank of the Republic of Turkey. YTL banknotes will be worthless as of Jan. 1, 2020.
Turkey switched to the new Turkish lira, dropping six zeros from its banknotes, on Jan. 1, 2005, in anticipation of a decline in inflation in the country. The central bank dropped the “new” in YTL and the new Turkish kuruş (YKr) to introduce a new currency at the beginning of January 2009 in a move that would restore the traditional Turkish currency, the Turkish lira (TL). The Turkish lira was temporarily removed from circulation in 2005 when the YTL went into circulation.
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