Serdengecti: We currently have more YTL banknotes than those in circulation

ANKARA (AA) - ``Almost all preparations are completed for the beginning of use of the new Turkish lira (YTL). We currently have more YTL banknotes than those in circulation,`` Turkish Central Bank Governor Sureyya Serdengecti said on Thursday.
     Speaking to the A.A correspondent, Serdengecti said both the Turkish lira (TL) and the YTL would be in circulation in 2005, and to this end he warned the citizens not to be in a hurry to exchange TL with YTL.
     Serdengecti said, ``banknotes, having a value of approximately 13,1 quadrillion lira is in circulation as of December 29th, 2004. Amount of minted YTL is approximately 14,9 billion YTL,`` noting ``in other words we have more YTL banknotes than the circulating banknotes.``
     Serdengecti said this amount will be totaled to 15 billion YTL as of December 31st, 2004 and 16 billion YTL as of January 15th, 2005.
     Serdengecti said the mint was planned to produce 1.2 billion coins, worth of 425 million YTL as of the end of the year.
     Serdengecti warned the citizens to be careful that they should have ready money at New Year`s night as there might be some interruptions at automated teller machines (ATM) and credit cards.
     Asked about the effect of the operation on attitude of consumers, Serdengecti said, ``there may be increase in expenditure of consumers mistakenly perceiving that prices reduced after zeros are omitted. Or the consumers may drop their expenditure by assuming that incomes reduced.``
     (AY-MS)
2004-12-30