Turkey Money

Currency: The New Turkish Lira (YTL) was introduced on January 1 2005 and both this and the old Turkish Lira (TL) will be in circulation throughout 2005. The old Turkish Lira will be withdrawn from circulation from January 1 2006. After this it will only be possible to exchange old Turkish Lira for New Turkish Lira at the Central Bank for a period of 10 years.
1YTL = 1,000,000TL (ie the new currency has six less zeros than the old currency).
New Turkish Lira (YTL). Notes are in denominations of YTL100, 50, 20, 10, 5 and 1. Coins are in denominations of YTL1 and 50, 25, 10, 5 and 1 New Kuruº (Ykr).
Old Turkish Lira (TL). Notes are in denominations of TL20,000,000, 10,000,000, 5,000,000, 1,000,000, 500,000, 250,000 and 100,000. Coins are in denominations of TL250,000, 100,000, 50,000, 25,000, 10,000 and 5000.

Currency exchange: All exchange certificates and purchase receipts must be retained to prove that legally exchanged currency was used. Money and travellers cheques can be exchanged at all PTT branches. Many UK banks offer differing rates of exchange depending on denominations of Turkish currency being bought or sold. Check with banks for details and current rates.

Credit & debit cards: American Express, Diners Club, MasterCard and Visa are accepted. Check with your credit or debit card company for details of merchant acceptability and other services which may be available.

Travellers cheques: Can be cashed immediately upon proof of identity. However, it may take several days to cash cheques from private accounts. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in Pounds Sterling or US Dollars.

Currency restrictions: There are no restrictions on the import of local or foreign currency, though visitors bringing in a large amount of foreign currency should declare it, and have it specified in their passport upon arrival to avoid difficulties on departure. No more than the equivalent of US$5000 in local currency may be exported. Foreign currency may be exported up to US$5000, but no more than the amount imported and declared.

Exchange rate indicators: The following figures are included as a guide to the movements of the Turkish Lira against Sterling and the US Dollar:

Date May '04 Aug '04 Nov '04 Feb '05
£1.00= 2,701,476.5 2,695,819.1 2,692,842.0 2,501,318.0
$1.00= 1,512,500.0 1,463,250.0 1,422,000.0 1,324,500.0

Banking hours: Mon-Fri 0830-1230 and 1330-1700.