New 1 Turkish Lira Note Already Printed

ANKARA (CIHAN) - The deputy chairman of the Turkish Central Bank, Sükrü Binay stated on Thursday that the printing of the new 1 Turkish lira (YTL) banknote had been completed and that the 1 YTL notes had already been delivered to 29 branches of the Central Bank. He also announced that the printing of the 5 YTL banknote would be commenced in July.
Attending a seminary organized in Ankara, Binay said that the promotion of the new banknotes would begin in September.
Binay stated, "A total of 470,000 new banknotes will be printed with new security measures incorporated in the notes. The delivery of the new banknotes will be completed in September 2004".
Turkey will remove six zeros from the Turkish Lira by the end of 2004. The new 1 TL note will be equal to 1 million TL and 100 kurus will equal the 1 new TL which will go into circulation on January 1, 2005. The new TL and current TL will be in joint circulation during 2005 with the current TL being completely withdrawn from circulation by the end of 2005.