The law on removing the last six zeros of Turkish Lira was adopted in Parliament on Wednesday. The “New Turkish Lira” will be used as from January 1, 2005. Therefore 1 million TL will be equal to 1 New TL and “Kurus,” that is one percent of TL, which was used in the past, will be used again.

Between January 1, 2205 and December 31, 2005 the two currencies, that is existing TL and New TL, will be in effect together. After the end of 2005 the sole valid currency will be the New TL.