The New Turkish Lira (NTY), or Yeni Türk Lirası in Turkish, was the currency of Turkey and Northern Cyprus between January 1, 2005, and December 31, 2008. It was introduced to revalue the existing Turkish Lira (TRL), which had suffered from decades of high inflation.
Denomination: The NTY was subdivided into 100 Yeni Kuruş.
Reason for Introduction: The primary reason for introducing the NTY was to restore confidence in the Turkish economy and simplify financial transactions after years of hyperinflation. The old Turkish Lira had become so devalued that large denominations were required for even simple transactions. This led to practical problems and psychological difficulties. To address this, six zeros were dropped from the old currency.
Conversion: The conversion rate was 1,000,000 old Turkish Lira (TRL) to 1 New Turkish Lira (NTY).
Design: Coins and banknotes were redesigned. The banknotes featured portraits of Mustafa Kemal Atatürk.
Symbol: The currency symbol was "YTL".
Replacement: On January 1, 2009, the "New" prefix was removed, and the currency reverted to being called simply the Turkish Lira (TL). New banknotes and coins were introduced, bringing the currency back to its former name, with some design changes. This transition was intended to symbolize Turkey's success in controlling inflation and stabilizing its economy.
Criticism: There was some criticism regarding the cost and inconvenience of the currency change.
Subjects:
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