Turkish Parliament Adopts Draft Law to Eliminate Six Zeros From Turkish Lira
Because hyperinflation is now under control in Turkey, the Turkish Parliament has approved a draft law to eliminate six zeros from the Turkish Lira (TL) starting in January 1, 2005. The draft law also indicates that the name of Turkey's monetary unit will be changed to the ''New Turkish Lira.'' ''Kurus'' will be the name of the sub-monetary unit of the new TL. One new TL will be equal to one million TL and one new TL will be equal to one hundred kurus. The draft law specifies that the new and old TL will be in circulation simultaneously between January 1, 2005 and December 31, 2005.