Turkey lops six zeros off the lira as economy shows more stability

Turkey unveiled a new set of notes and coins, 25 October 2004, as it seeks to draw a line under decades of high inflation.

To celebrate the return of relative economic stability it will remove six zeros from the lira, the national currency. Officials hope the public will consider the New Turkish Lira (YTL), which will come into circulation on 1 January 2005, to be tangible evidence of Turkey's return to the economic mainstream after more than 30 years of rampant price rises and intermittent currency crises.