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The Darphane announced on Thursday that they have started minting one and five kurush coins as part of the program to issue a new currency.
The Turkish Lira (TL) will be renamed the Yeni (New) Turkish Lira (YTL), with the new currency having six zeros removed. As such the present one million TL note would be equivalent to one YTL.
In addition to the one and five kurush coins, there will be 10, 25 and 50 kurush coins and larger denomination YTL banknotes.
The Darphane said that it would be producing 1,200,000 coins with total weight of 6,356 tonnes and worth 424,900,000 YTL by the end of 2004.
The distribution of the YTL will start in the beginning of 2005. | |
