Turkish new lira

The Turkish new lira (Turkish: Yeni türk lirası) is the currency of Turkey and the unrecognised Turkish Northern Republic of Cyprus. The new lira is subdivided into 100 new kurush (yeni kuruş), the equivalent of American Cents or British Pennies. The symbol for the currency is YTL.

In the last few years the Turkish lira stabilised and even rose against the U.S. Dollars and the Euro.

In late December 2003, the Grand National Assembly of Turkey passed a law that allowed for the removal of six zeroes from the currency, and the creation of the new lira. It was introduced on 1 January 2005, replacing the previous lira (which remained valid in circulation until the end of 2005) at a rate of 1 new lira = 1,000,000 old lira.

The official name of the currency is "New Turkish Lira". According to the Central Bank, the word "new" (yeni) is only a "temporary" measure. The "new" was be removed on January 1, 2009. The banknotes have "different shapes and sizes to prevent forgery".