Turkey launches new tender

Published January 3, 2005

ANKARA: Miliions of Turks will lose their status as billionnaires on as the world's biggest banknote, the 20m-lira bill (worth just under $16), is formally declared dead.

The other day Turkey adopted a new currency, the new Turkish lira, or YTL, replacing notes which for years had symbolised economic upheaval.

"Psychologically, and economically, this is an immensely important event," the Finance Minister, Kemal Unakitan, told the Guardian. "It proves that after years of hyperinflation our economy has finally stabilized." Under the old system monthly salaries were counted in billions while even the shortest taxi ride could set clients back five to 10 million.

With budgets quoted in quadrillions, bureaucrats faced the mind-boggling task of trading in figures that frequently challenged electronic calculators. The Turkish gross national product is estimated at around 424 quadrillion lira, or 424,000,000,000,000,000.

Until the other day, cartoonists often had a field day depicting the plight of ordinary Turks and tourists who invariably needed wads of cash for the simplest transaction.

"When I was a student back in the early 60s one dollar was worth nine Turkish Lira," Mr Unakitan said. "After years of chronic inflation, the dollar is around 1.4m Turkish Lira."

One new Turkish Lira will equal one million old Turkish lira and will amount to approximately euros 0.55, although both currencies will circulate until the end of 2005. In recent months, state mints have worked overtime to produce 1.2bn new coins.

The YTL will also include kurus, which disappeared from circulation in the 80s. There will be 100 kurus to the YTL. Turkey's government introduced the new system after drastically reducing inflation as part of an austerity program backed by the International Monetary Fund. -Dawn/The Guardian News Service.

Opinion

Editorial

Impending slaughter
Updated 07 May, 2024

Impending slaughter

Seven months into the slaughter, there are no signs of hope.
Wheat investigation
07 May, 2024

Wheat investigation

THE Shehbaz Sharif government is in a sort of Catch-22 situation regarding the alleged wheat import scandal. It is...
Naila’s feat
07 May, 2024

Naila’s feat

IN an inspirational message from the base camp of Nepal’s Mount Makalu, Pakistani mountaineer Naila Kiani stressed...
Plugging the gap
06 May, 2024

Plugging the gap

IN Pakistan, bias begins at birth for the girl child as discriminatory norms, orthodox attitudes and poverty impede...
Terrains of dread
Updated 06 May, 2024

Terrains of dread

Restored faith in the police is unachievable without political commitment and interprovincial support.
Appointment rules
Updated 06 May, 2024

Appointment rules

If the judiciary had the power to self-regulate, it ought to have exercised it instead of involving the legislature.