Turkey to put new currency into circulation

PanARMENIAN.Net - Turkey will remove the prefix "New" from its national currency "New Turkish Lira" as of 1st January 2010, introducing the second phase of its currency reform, trt-world.com reported.



The coins are supposed to be changed during 2010 while the old banknotes will be exchanged in banks during next 10 years.



In the first phase of the reform, the New Turkish Lira banknotes and coins were placed in circulation as of January 1, 2005 under the Law on the Currency Unit of the Republic of Turkey. The second phase involves removal of the prefix New and reverting back to "Turkish Lira" under applicable provisions published in the Official Gazette.



As of 2010, the Central Bank and Ziraat Bank will exchange former banknotes for 10 years and coins for 1 year. Reportedly, the ATMs will accept and dispense only Turkish Lira while labels, tariffs and price lists will be in Turkish Lira (TL) or Kurus (Kr).



The new forms of banknotes and coins will differ from the old ones in size, design, color, and anti-counterfeiting properties,