New Turkish Lira

14.04.05

Since the beginning of 2005 Turkey took out six zeros of its money and has introduced new bill notes. In 2004 you could buy a coke with 1.000.000,00 Turkish Lira, yes one thousand Turkish Lira?!?! but now it cost you just 1,00 New Turkish Lira. When Turkish people received their salary they would feel like millioners… some people would earn millions... and think about buying a house, it would cost you billions or trillions … well too much zeros …

The old name of Turkish money was "Turkish Lira" (In Turkish "turk lirasi" or TL) and now it was changed to "New Turkish Lira" YTL (In Turkish "yeni turk lirasi" or YTL). Turks will use the new money bills for a year and then the government will take out the "new" word from the name converting back the name YTL to TL ( new turkish lira to turkish lira).

At 2004 people would not worry about keeping their change if they got some coins. Now Turks might buy a pocket wallet for coins since new coins were also put into market and they are more valuable. Turks must also get used to the term "kurus" which means cents.

The biggest bill there was in the market at 2004 was 20.000,00 TL but now the government has introduced the 50 YTL and 100 YTL bill. The new bills have the picture of Mustafa Kemal Ataturk (the founder of the Turkish Republic) at one side and at its verse the pictures of: Ishak Pasa Palace near Dogubayazit, Cappadocia, Ephesus, Pire Reis Map, Ataturk mausoleum and Ataturk Dam at Sanliurfa. Coins are simple with a picture of Mustafa Kemal Ataturk and the moon and star (from the Turkish flag).

The short wear out duration of the Turkish Lira has effected the putting on the agenda of the plastic bank notes. As the small amount paper bills wear out in six month and the large amount paper bills wear out in two years, it has been found out that the wear out duration of the plastic bank notes are four times longer than those of the paper ones. It has been reported that the possibility of staying restricted to the small amount bills is higher by the operation of transition to the plastic bank notes.

Australia, the leader of the world plastic banknote technology has produced the first plastic bank note in 1988. In 1966 money in circulation has been transformed to plastic. Mexico has joined the countries that use plastic money in the world in 2002. Cost of plastic money is 50 percent higher but is 4 - 5 times durable. Australia, China, New Zealand, Indonesia, Singapur, Malesia and Thailand are among the countries that use plastic money in the world. Paper bank notes are worn away quickly once getting wet and it is easy to print the counterfeit. Plastic money can be washed. Australian money is made from non-permeable polymer. Specially developed coating is used on the money.