New Kurus To Be Lighter Than Current Coins

ANKARA - A total of 1.2 billion coins will be issued until December 31, 2004, under the law denominating the Turkish lira (TL) as the New Turkish lira (YTL) and equalizing (actual) 1 million TL to 1 YTL (by dropping six zeros).
Sources told the A.A correspondent on Monday that six different coins would be issued. The new coins will be smaller and lighter than the current ones. Weight of coins in circulation will drop nearly by 721 tons, it was announced.
The current coins have a weight of 7,077 tons in the aggregate while six different types of new kurus will have a weight of 6,356 tons.
Despite the decrease in its weight, new kurus will be more valuable than the current coins.
While value of the current coins is estimated about 127.2 trillion TL, value of new kurus will increase up to 425 trillion TL (more than three times).
(UK-ULG) 23.08.2004