No : 2007- 10

                                                                                                                                                                  May 8, 2007

 

PUBLIC ANNOUNCEMENT AS TO THE REMOVAL OF THE PREFIX
 “NEW” FROM THE NEW TURKISH LIRA

 

As it is known, in accordance with the “Law on the Currency Unit Of The Republic of Turkey” No: 5083 published in the Official Gazette dated January 31, 2004, New Turkish Lira banknotes and coins had been put into circulation in January 1, 2005 and Turkish Lira banknotes and coins, which were in circulation at that date were withdrawn from circulation on January 1, 2006 after circulating along with New Turkish Lira banknotes and coins throughout the year 2005.

According to the Article 1 of the aforementioned Law, The Council of Ministers was entitled to remove the prefix “New” used in the “New Turkish Lira” and in the “New Kuruþ” and to lay out the principles of this implementation.

Therefore, according to the Decision of The Council of Ministers dated April 4, 2007 and No: 2007/11963, the prefix “New” used in the “New Turkish Lira” and the “New Kuruþ” will be removed as of January 1, 2009 and based on the authority entitled by Law No: 1211 to the Central Bank of the Republic of Turkey, following principles will be applied for the exchange of banknotes. These are published in the Official Gazette dated May 8, 2007.

1-   E9 Emission Group Turkish Lira banknotes, not bearing the prefix “New” will be put into circulation as of January 1, 2009.

2-   E8 Emission Group New Turkish Lira banknotes, which are currently in circulation, will be withdrawn from circulation as of January 1, 2010.

3-   In 2009, E8 Emission Group New Turkish Lira banknotes will be in circulation during one year along with E9 Emission Group Turkish Lira banknotes.

4-   E8 Emission Group New Turkish Lira banknotes will be redeemed for a period of ten years starting from January 1, 2010 till the expiration of working hours on December 31, 2019 which is the end of the 10 years legal redemption period, at the branches of the Central Bank of Republic of Turkey and Agricultural Bank of the Republic of Turkey (Türkiye Cumhuriyeti Ziraat Bankasý). The banknotes will be worthless as of January 1, 2020.

Security features of E9 Emission Group Turkish Lira banknotes, which will not bear the prefix “New”, will be announced within the framework of the publicity campaign program.