Parliamentary Planning And Budget Commission Approves Draft Law On Omission Of Six Zeros From T.L.

ANKARA - The Parliamentary Planning and Budget Commission approved on Tuesday draft law which foresees omission of six zeros from Turkish Lira (TL).
The draft law also foresees that name of monetary unit of Turkey will be ''New Turkish Lira''.
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.
Draft law said that new and old TL would be in circulation simultaneously till the end of 2005.
Central Bank Governor Sureyya Serdengecti said that new TL would become widespread rapidly in the market in Feast of Sacrifice in 2005.
State Minister Ali Babacan said that settlement of confidence that inflation rate would become permanent in one digit figures made easier omission of six zeros from TL.
Upon a question on the seventh review, Babacan said that the first phase of the seventh review which was carried out with the International Monetary Fund (IMF) would be completed today and stated that talks on the second phase would start in February.
(EÖ-AÖ) 20.01.2004