The New Turkish Lira (Yeni Türk Lirası, YTL) – which was introduced on January 1, 2005 – will be replaced by the Turkish Lira (Türk Lirası, TL) as of January 1, 2009. At the same time, the 200 Turkish Lira banknote has been introduced.
Turkey Drops the ’Y’ in Its National Currency
After a 4-year transition period in which Turkey fought its inflation and temporarily switched to the New Turkish Lira (Yeni Türk Lirası), the time has come to drop the ‘Y’ and reintroduce the Turkish Lira (Türk Lirası). At the same time, a new 200 Turkish Lira banknote was introduced, while the 1 Turkish Lira notes have been dropped. The coins follow the same logic and are from now on simply called Kuruş (KR) instead of Yeni Kuruş (YKR) previously.
The now old ‘New Turkish Lira’ banknotes will be withdrawn from circulation as of January 1, 2010. However, the ‘New Turkish Lira’ banknotes will be redeemed for a period of ten years starting from January 1, 2010 till the expiration of working hours on December 31, 2019 at the branches of the Central Bank of the Republic of Turkey. The New Turkish Lira banknotes will be worthless as of January 1, 2020.
Turkish Lira Is Euro-Lookalike
Although all notes show portraits of Atatürk and have the emblem of the Turkish flag on the right-hand side, the Turkish Lira banknotes are definitely Euro lookalikes. They are more or less the same, in size and in color. Be careful, since the value is most likely not equal.