Babacan Submits Draft Law On Erasing Six Zeros From T.L.

ANKARA - State Minister Ali Babacan has signed draft law on erasing six zeros from Turkish lira (TL) and submitted to the Prime Ministry.
According to the draft law, one new TL will be equal to one million TL and new ''kurus'' will be sub-monetary unit of new TL. One new TL will be equal to one hundred kurus. After zeros are erased from TL, half kurus will not be taken into account and it will be counted as one new kurus.
Draft law said that new TL would go into circulation in 2005 and new and old TL would be in circulation simultaneously for one year.
(EÖ-AÖ) 04.12.2003