Turkey withdraws old lira banknotes

The Central Bank of Turkey has withdrawn all old Turkish lira banknotes from circulation as of January 1, 2006.

According to reports, old Turkish lira still account form around 5% of money in circulation.

The old notes can be exchanged at central bank branches and the Ziraat Bankasi (Agricultural Bank of the Republic of Turkey) for ten years. However, coins must be changed within one year.

The new Turkish lira (NTL), which knocked off six noughts from the old lira, was introduced at the beginning of 2005.