According to the 1st Article of the Law, the currency
unit of the Republic of Turkey will be the New Turkish Lira (YTL in
domestic, TRY in international markets), as of January 1st 2005 ,
and one hundredth of the New Turkish Lira will be the New Kurus.
According to the 2nd Article of the Law; when the Turkish Lira
(TRL) values are converted into New Turkish Lira; one million Turkish
Lira (1,000,000 TRL) will be equal to one New Turkish Lira (1 TRY).
According to the 3rd Article of the Law; the references made to
Turkish Lira or Lira in laws, other legislation, administrative
transactions, court decisions, legal transactions, negotiable instruments
and other documents that produce legal effects as well as payment
and exchange instruments will be considered to have been made to
New Turkish Lira at the conversion rate specified above.
Due to the regulations of the given Law, all the recorded amounts
in our bank will be converted from TRL to TRY and all the accounting
records will be in TRY, as of January 1st 2005 .
Furthermore, current TRL banknotes and coins will be in circulation
between January 1st 2005 and December 31st 2005 concurrently with
TRY banknotes and coins to be issued. TRL banknotes and coins will
be withdrawn from circulation as of January 1st, 2006 .
