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High inflation in the 1970’s in Turkey created a demand for large denomination bank notes and in 1981 Turkey was the only country to have a 20 million banknote in circulation.
The new turkish lira was first introduced on the 1st January 2005. 6 zeros were removed from the old currency and great effort was put on driving down inflation to a single digit number. Turkey wanted to improve the reputation of its currency and by removing 6 zeros from its currency would help to remove many problems both technical and operational which arise as a result of having a currency with 6 zeros. Making records and monetary transactions instantly became easier.
If you have a soiled, mutilated, washed, burnt, painted or torn New Turkish Lira banknote you can exchange it for another bank note of equal value if less than 50% of the note has been affected. However if 50% of the banknote surface has been damaged in some way you will only receive a replacement note of half of the value according to the Turkish central bank. If your bank note has over 50% damage you will not be able to exchange the banknote for another.
Researchers have found that soiled and damaged banknotes have a great number of microorganisms as they are able to reproduce at a far greater rate causing greater skin infections, skin abscess and gastroenteritis. The Turkish central bank recommends that damaged banknotes should be exchanged to reduce the negative effects on health caused by these notes.
The Turkish Lira is the official currency of Turkey. The ISO 4217 currency code for the Turkish Lira is TRY.