Turkish Lira To Pkr Online Free Converter
Welcome to Turkish Lira To Pkr Online Free Converter, This converter is automatically updated every minute according to the current rate of the currency online. If you want to convert Turkish Lira to Pakistani Rupees, write your amount in the Turkish Lira box, then it will be automatically converted to Pakistani Rupees in the front box. And if you want to convert from Pakistani Rupees to Turkish Lira, then write your amount in the Pakistani Rupee box, then immediately in the front box, this amount will be automatically converted to Turkish Lira. Hope this is for you all. The process will be easy.
1 Turkish lira To Pkr
If you want to know how much 1 Turkish Lira (Try) is equal to how many Pakistani Rupees (Pkr), then let me tell you right now that according to the current exchange rate of Pakistani and Turkish currencies on today's date, December 7, 2022, 1 Turkish Lira is equal to 12.096 Pakistani Rupees. Remember today's date i.e. December 7, 2022 at 2 PM is the rates. If you want to know the exact rate, you can find it with the above converter.
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1000 Turkish Lira To Pkr
According to the current exchange rate of Pakistani and Turkish currency on today's date i.e. 7th December 2022, 1000 Turkish Lira is equal to 12094.803 Pakistani Rupees. Remember today's date and 2 pm rates are today. If you want to know the exact amount, you can find it with the above converter.
Introduction
You've probably heard that the Turkish Lira is in trouble. So what does that mean for conversions?
Well, at the time of writing this, 1 Turkish Lira is equal to 104.71 Pakistani Rupees. That means, if you have Turkish Lira and want to exchange them for Pakistani Rupees, you'll get 104.71 Rupees for each Lira you exchange.
Of course, the value of the Turkish Lira and Pakistani Rupee may change in the future, so always check an up-to-date exchange rate before making any exchanges.
Overview of the Turkish Lira
The Turkish Lira (TRY) is the official currency of the Republic of Turkey. It is subdivided into 100 kuruş and is often presented with the symbol "TL". The lira is pegged to the euro at a rate of 1 euro = 3.91 lira.
The first lira banknotes were introduced in 1844 by the Ottoman Empire. Turkish Lira coins were issued in copper, brass, nickel and silver from 1844 to 1986. In 1986, copper-nickel and aluminum-bronze coins were issued, followed by cupro-nickel coins in 1997 and stainless steel coins in 2005. The latest lira notes were issued in 2009.
2. How to Convert 1 Turkish Lira to Pkr
Now that you have a basic understanding of what the Turkish Lira is, let's see how you can convert it to Pakistani Rupees. In order to do this, you'll need to use a currency converter. A good site to use is xe.com. Simply type in "1 TRY" into the "From" field and "95 PKR" into the "To" field and hit "Convert". This will give you the conversion rate of 1 TRY = 95 PKR.
You can also use Google Sheets or any other spreadsheet software to do this calculation. Just type "1 TRY" in cell A1 and "95 PKR" in cell A2, then click on the green "=A1*A2" button in the lower-right corner of the cell to get your conversion rate.
Understanding the 1 Turkish Lira to PKR Exchange Rate
The 1 Turkish Lira to PKR exchange rate is something that can be quite confusing for first-time currency exchangers. But with a little bit of knowledge, you'll be able to make the right decision when converting your money.
First, it's important to understand that the 1 Turkish Lira is worth around 100 Pakistani Rupees. This means that for every 100 Pakistani Rupees, you can exchange them for 1 Turkish Lira. When converting your money, always keep this in mind!
Another thing to note is that the exchange rate changes regularly. So, if you're planning on traveling to Turkey in the near future, it's best to keep an eye on the latest exchange rate so you know exactly how much money you'll need.
Historical Trends of the Turkish Lira Against the Pakistani Rupee
The Turkish lira and the Pakistani rupee have had a long, complicated history together. Let's take a look at some of the highlights:
- The Turkish lira was first introduced as a unit of currency in 1923.
- The Pakistani rupee was first introduced in 1947, as a replacement for the Indian rupee.
- In 1948, the Pakistani rupee was pegged to the British pound at a rate of £1 = Rs.16.
- In 1961, the Pakistani rupee was pegged to the US dollar at a rate of $1 = Rs. 4.3
- In 1973, the Turkish lira and the Pakistani rupee were both decimalized, with 100 new lira (TL) = 1 new Turkish lira (TRY) and 1 rupee (Rs.) = 10 paisa (p).
- The two currencies continued to fluctuate against each other until 1978, when they were officially pegged to one another at a rate of 1 TRY = 1.90 PKR.
- The peg remained in place until 2001, when it was abandoned due to high inflation in Turkey.
- Since then, the two currencies have continued to trade against each other, but with much more volatility.
Factors That Influence the 1 TL to PKR Exchange Rate
When it comes to understanding the exchange rate between Turkish Lira and Pakistan Rupee, there are a few key factors that can influence its value. One of the most important is inflation, which we’ll discuss in more detail below.
First of all, inflation in Turkey can have a direct impact on how much 1 Turkish Lira is worth in Pakistan. When inflation rises, the value of the Turkish Lira drops and the exchange rate for 1 TL to PKR goes up. Conversely, when inflation rates fall, it can lead to an increase in the value of the Turkish Lira and a decrease in its exchange rate with Pakistani Rupee.
Next, another factor that affects the 1 TL to PKR exchange rate is political instability. If there is a major political event happening in Turkey or Pakistan that could potentially disrupt economic stability, then this could also affect how much 1 TL is worth in PKR. Finally, another big influence on the exchange rate between these two currencies is supply and demand – if there are more people buying Turkish Lira than selling it, then its value will go up compared to Pakistani Rupee.
Tips for Buying and Selling Turkish Lira in Pakistan
When it comes to buying and selling Turkish Lira in Pakistan, there are a few tips to keep in mind. First off, it’s important to understand that the currency exchange rate is always fluctuating, so make sure you get up-to-date information before you make any trades.
You also want to do your research and compare rates between different money exchangers. The rates and fees can vary significantly, so shop around and find the best deal.
Finally, if you’re new to the game or don’t feel comfortable trading Turkish Lira on your own, you can always use a forex broker. They can provide valuable advice on when to buy and sell based on market conditions. So if you’re looking for an expert opinion before trading Turkish Lira, hiring a broker could be a good choice for you.
Common FAQs on 1 Turkish Lira to PKR
Maybe you're wondering what the most common questions are regarding the 1 Turkish Lira to Pkr conversion? Let's take a look.
First, is the conversion rate always the same? The exchange rate between these two currencies does fluctuate with the open market, so it’s important to keep an eye out on current market news whenever you’re planning to do a transaction.
Second, what is the simplest way to convert 1 Turkish Lira to PKR? Good news—there are plenty of online currency converters available that can give you real-time exchange rates and quickly perform calculations for you.
Third, is it safe to send money from Turkey to Pakistan via bank transfer or another payment service? Yes, but make sure that your bank or payment service knows the most updated regulations and rules before sending money abroad. Always double check with them first and they can be a great help if you’re feeling uncertain.
Conclusion
So, there you have it! Everything you need to know about the Turkish Lira and its relation to the Pakistani Rupee. Now that you understand the basics, you can go ahead and make the conversions you need when traveling or conducting business in Turkey. And be sure to check back often, as the exchange rate is always changing and we'll be sure to update our information as soon as it does!
The Transition Process from the New Turkish Lira to the “Turkish Lira” Begins.
With the “Communiqué on the Removal of the New Expressions in the New Turkish Lira and the New Kuruş and on the Implementation Principles” published in the Official Gazette dated 22.08.2008 and numbered 26975 ;
- Starting from 01.01.2009, 1 TL, 50, 25, 10, 5 and 1 Krs. coins will be put into circulation,
- 1 YTL and 50, 25, 10, 5 and 1 Ykr coins, which are still in circulation, will be in circulation between 01.01.2009 - 31.12.2009, together with the new TL denominated coins to be put into circulation,
- Between 01.01.2010 and 31.12.2010, TRY and Ykr coins will be accepted and exchanged by the branches of the Central Bank of the Republic of Turkey and Ziraat Bank,
- Matters are explained.
The Communiqué will enter into force on 01.01.2009.
In addition, the Central Bank of the Republic of Turkey II. The stage is about currency reform; The following issues were explained with the presentation of the “ Transition to the Turkish Lira Project Information Meeting” .
- Traditionally used and our main currency is Turkish Lira,
- TL banknotes and coins will be put into circulation on 1 January 2009,
- TL and YTL banknotes and coins will be in circulation for one year throughout 2009,
- TRY banknotes and coins will be put out of circulation as of January 1, 2010,
- After the TL banknotes are withdrawn from circulation, the statute of limitations is 10 years and will expire on 31 December 2019,
- The statute of limitations for YTL coins will expire on 31.12.2010,
- There will be fundamental changes in size, design, color and security features between the Turkish Lira Banknotes to be put into circulation on 1 January 2009 and the YTL Banknotes still in circulation,
- In addition to the existing security features in New Turkish Lira Banknotes for the visually impaired, banknotes of different values are printed in different sizes, and the embossed printing feature is effectively utilized,
- From 1 January 2009,
- Documents such as invoices , expense slips , payrolls will be issued in Turkish Lira and Kurus.
- Declarations will be issued in Turkish Lira and Kurus,
- Taxpayers with normal taxation period will make their accounting records in Turkish Lira and Kuruş,
- Detailed explanations will be made by the Ministry of Finance.
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Turkish Lira Detailed History:
The information contained in our circulars is intended to provide information and make comments in a general framework, rather than dealing with a particular subject or subjects in a very comprehensive way. Our purpose with these circulars is not to provide advice or services in the fields of accounting, tax, investment, consultancy or any other professional context. Rather than using the information as the sole basis for your personal financial or commercial decisions, it is recommended that you consult a professional advisor who is well-versed in the subject. These circulars and the information they contain are presented as they are; "DRT Certified Public Accountant and Independent Audit Inc." and "Deloitte Touche Tohmatsu" (a Swiss Verein) and its member firms and their subsidiaries and affiliates (hereinafter "Deloitte"), does not make any express or implied representations or warranties regarding them. "Deloitte" does not give any assurance that the circulars and the information they contain are free of errors or that they meet certain performance and quality criteria. Any risk that may arise as a result of your use of the circular and the information contained in it belongs to you, and you assume the risk and responsibility for all kinds of damages arising from this use.
Deloitte cannot be held liable for any special, indirect or incidental damages and punitive damages arising from a contractual action, law or tort (including those due to negligence) due to such use. does not give any assurance that the said circular and the information it contains are free of errors or that they meet certain performance and quality criteria. Any risk that may arise as a result of your use of the circular and the information contained in it belongs to you, and you assume the risk and responsibility for all kinds of damages arising from this use. "Deloitte" cannot be held liable for any special, indirect or incidental damages and punitive damages arising from a contractual action, law or tort (including those due to negligence) due to such use. does not give any assurance that the said circular and the information it contains are free of errors or that they meet certain performance and quality criteria. Any risk that may arise as a result of your use of the circular and the information contained in it belongs to you, and you assume the risk and responsibility for all kinds of damages arising from this use. "Deloitte" cannot be held liable for any special, indirect or incidental damages and punitive damages arising from a contractual action, law or tort (including those due to negligence) due to such use.
Any risk that may arise as a result of your use of the circular and the information contained in it belongs to you, and you assume the risk and responsibility for all kinds of damages arising from this use. "Deloitte" cannot be held liable for any special, indirect or incidental damages and punitive damages arising from a contractual action, law or tort (including those due to negligence) due to such use. Any risk that may arise as a result of your use of the circular and the information contained in it belongs to you, and you assume the risk and responsibility for all kinds of damages arising from this use. "Deloitte" cannot be held liable for any special, indirect or incidental damages and punitive damages arising from a contractual action, law or tort (including those arising from negligence) due to such use.
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NEW TURKISH LIRA WITH QUESTIONS AND ANSWERS :
The name of the new currency, the reasons for the operation, its benefits
1) What is the name of the new currency of our state?
As of January 1, 2005, the name of our new currency is “New Turkish Lira” (YTL).
The sub-unit of the New Turkish Lira is the “New Kurus” (YKr).
One New Turkish Lira is equal to one hundred New Kurus. (1YTL= 100 YKr)
2) Why has the name of our new currency been determined as “New Turkish Lira”?
While determining the name of our new currency; The phrase “Lira”, which was traditionally used, the only currency of the Republican period, and which was identified with our country in international markets, has been preserved.
It is seen that the phrase "New" is usually preceded by the national currencies in the practices of other countries that discard zero from their currency.
On the other hand, it is known that different names are used in countries that have had to throw zeros out of their money many times due to hyper-inflation, in order not to cause confusion between currencies when switching to new currencies.
However, with the continuity of economic stability in our country, it is possible to put the phrase "New" in front of our currency, since it will not be necessary to remove zero from our money again in the long term, and it was not necessary to use a different name.
3) Why is zero taken from our money?
As is known, the high inflation that started in the 1970s in our country caused some economic values to be expressed in billions, trillions and even quadrillions.
In this process, the cash need of the economy has been met with high value new banknotes that have been put into circulation once every 2 years on average since 1981.
Today, the largest denomination banknote in the world (20,000,000) is used only in our country.
This situation also negatively affects the reputation of our money.
On the other hand, numbers with lots of zeros create problems in many areas of daily life, especially in cash transactions, accounting and statistical records, data processing programs and payment systems, price tags, petrol pumps and taximeters.
For this reason, removing 6 zeros from our money emerges as both a psychological and technical need.
4) Why 6 zeros instead of 3 zeros are deducted from our money?
Taking 3 zeros from our money is not enough to overcome the technical problems created by the abundant zeros.
Dropping 6 zeros will provide parallelism with denomination values in developed countries.
5) What are the benefits of removing zero from our money?
With the removal of zeros from our money;
- The technical and operational problems created by the numbers with lots of zeros will be overcome,
- The determination to reduce the inflation to single digits permanently will be better understood,
- 2 more big denominations will be issued in YTL; In this way, there will be no need to change the denomination composition for a long time in a stable environment,
- The reputation of our currency will increase with the reduction of inflation to single digits,
- The habit of using coins will increase, the period of transacting in Kurush will return,
- Cash transaction density and costs of the CBRT and the banking sector · Simplicity
6) Are there any other countries that have thrown zero from their currency? How have their practices resulted?
To date, zero removal operations have been carried out in 49 countries around the world. In practices in other countries, it is observed that this operation is generally brought to the agenda with an economic stabilization program and zero is dropped at different inflation rates.
Currency reform was carried out in Israel, one of the countries whose stabilization program ended with success, shortly after the program started. In Poland, Bolivia and Bulgaria, monetary reform was carried out after the positive effects of the stabilization program on inflation emerged. This is the preferred method today.
In cases where the programs failed (in the example of Argentina and Brazil), it became necessary to remove zero from the money after a while.
7) What is the exchange rate between YTL and TL?
When converting Turkish Lira values to New Turkish Lira, 1 million Turkish Lira (1.000.000 TL) will equal 1 New Turkish Lira (1 YTL).
1,000,000 TL = 1 TL and 1 TL = 100 YKr In
other words, 6 zeros will be removed from our money. In other words, 20.000.000 Turkish Liras and “20 New Turkish Liras” will have the same purchasing power.
8) The smallest coin is 1 Yeni Kuruş. Accordingly, how will fractional transactions under 1 New Kurush be finalized?
The unit prices of goods and services can be determined under 1 New Kuruş.
In transactions made in New Turkish Lira, at the payment stage and at the results of the transaction, values of half New Kurus and above will be rounded up to 1 New Kurus, and values below half New Kurus will not be taken into account.
For example, the unit price of paper clips containing 100 paper clips and the box sold for 250,000 Turkish Liras is 2,500 Turkish Liras. After the transition to the New Turkish Lira, the box price of 250,000 Turkish Liras will be 25 New Kurus, and the unit price of 2,500 Turkish Liras will be 0.25 New Kurus (0.0025 New Turkish Lira).
In addition, it is possible to determine the price of a product with a unit price of 2,084,000 Turkish Liras as 2,084 YTL after converting to YTL. In other words, it is not obligatory to determine the prices determined in YTL (as in the exchange rates) in multiples of 1 New Kuruş. The aforementioned completion process applies to the payment phase and transaction results.
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9) What clippings will TRY banknotes and coins consist of?
TRY banknotes will consist of 1, 5, 10, 20, 50 and 100 TRY,
Coins: 1, 5, 10, 25, 50 New Kurus and 1 New Lira.
In many countries other than Turkey, some denominations are circulated as both banknotes and coins (Table III). In our country, 1 YTL will be circulated in the same way as both banknotes and coins.
10) Why was the implementation decided in 2005?
In our country, it has been decided that the beginning of 2005 is the most appropriate date for the positive effects of the stabilization program being implemented on inflation to emerge in a concrete way and to steer the expectations in the single-digit inflation transition process that is expected to be realized.
In addition, in order not to impose an interim account status in the middle of the period for real and legal persons who are required to keep a book, and not to impose a dual record-keeping burden, the fiscal year was preferred for the transition from money to zeroing.
11) When will the New Turkish Lira banknotes and coins be put into circulation for the first time?
New Turkish Lira banknotes and coins will be put into circulation for the first time on 1 January 2005.
12) How long will the TL banknotes and coins we currently use be valid and how will they be converted into YTL?
The Turkish Lira banknotes and coins we still use are valid until the end of 2005. In 2005, for 1 year, both Turkish Lira and New Turkish Lira banknotes and coins will be circulated together, and Turkish Lira banknotes and coins will be withdrawn from circulation as of 1 January 2006.
Turkish Lira banknotes will be changed by TC Ziraat Bankası for 10 years (during the statute of limitations) as of January 1, 2006, in places where there is no Central Bank or Central Bank Branch. Explanations regarding the statute of limitations on Turkish Lira coins will be made by the TR Prime Ministry Undersecretariat of Treasury.
13) Why will TL and YTL circulate together for 1 year?
A one-year co-circulation period is envisaged so that our citizens can convert the currently used banknotes and coins into new currencies whenever and wherever they wish in 2005. Therefore, there is no need to rush for this change. The exchange of money will take place in the natural course of transactions.
14) What are the stages of the transition to the new currency?
As in many other country practices, the operation consists of 2 phases:
In the first phase, TL and YTL banknotes and coins will be in circulation for 1 year as of January 1, 2005.
In the second phase of the operation, which will be carried out after 2006, the phrase "New" placed before the phrase "Turkish Lira" will be removed, and the Turkish lira will be reverted to, by the decision of the Council of Ministers.
15) Will removing zeros from our money cause an increase in inflation due to rounding?
As is known, the issue of price rounding has been one of the most discussed issues in the Eurozone, where a similar operation has been experienced.
The operation in our country, unlike the fractional conversion rates in the transition to the Euro, is an operation based on zeroing only.
Therefore, it is thought that price rounding will be felt less compared to the Euro area. Moreover, according to official statements, the rounding effect in the Eurozone in the first 6 months of 2002 did not exceed 2 per thousand in the general consumer price index.
On the other hand, due to high inflation and the loss of the habit of using coins, it is expected that the already existing rounding effect in our country will not be permanent. In addition, it is thought that the fact that the labels and tariff lists will be displayed separately in TL and YTL between 1 January and 31 December 2005 will limit the price increases due to rounding.
In short, price rounding will not be continuous, even if it is at a low level; Rather than the inflationary effect of the implementation, the determination to reduce inflation to single digits will come to the fore.
16) Will removing zeros from our money affect exchange rates or interest rates?
Zero removal from our money; it will not affect interest rates, which are shaped according to expectations based on the fundamentals of the economy, developments in the stabilization program, budget discipline, structural reform process and developments in inflation. Regarding exchange rates, removing zero from our money has no effect other than the psychological effect of writing and expressing monetary values. Because, especially to be noted, exchange rates; In addition to the factors explained above, it may vary depending on factors such as the behavior and expectations of the parties trading in the market (especially the balance of payments expectations) and external developments.
17) With the transition to the New Turkish Lira, how will the Central Bank of the Republic of Turkey announce the indicative foreign exchange and effective rates?
With the addition of 6 zeros, the nominal value of the Turkish Lira against various currencies will automatically change. Accordingly, as an example, the selling rate of 1 US Dollar will be equal to 1.432.925 TL, while it will be equal to 1.432925 TL. In such a case, it becomes important how many digits to use after the point.
In this case, an indicative exchange rate list, in which the number of digits used before and after the point is equal to 5, will be announced by the Central Bank, similar to international practices. Accordingly, as an example, the 1 Euro foreign exchange selling rate, which was announced as 1.781.022 TL before the 6 zeros were removed, will be announced as 1.7810 YTL and for 1 US dollar as 1.4329 YTL with the implementation of the aforementioned application.
However, this practice may cause some currency values with low nominal value to be significantly affected. In order to eliminate this negativity, in exchange rates with “0” (zero) before the point, 5 digits will be included after the point. For example, the Norwegian Krone, which was announced as 213,834 TL in the current application, will be 0,21383 TL according to the aforementioned application.
However, even this practice is not sufficient for the Romanian Leu and the Iranian Rial, which have a very low nominal value. Therefore, the exchange rate for the Japanese Yen together with the aforementioned two currencies will be announced over 100 units. To give an example, the selling rate of Japanese Yen for 1 unit was announced as 13.333 TL, and 100 Japanese Yen will be announced as 1.3333 YTL, with the application explained above.
18) Will our currency appreciate or decrease in value after the transition to YTL?
Zero removal from money does not directly affect the appreciation or depreciation of our currency. This is a simplification, it will only add credit to the money for its psychological effect.
19) How will the legislation, administrative, judicial and legal proceedings involving Turkish Lira be concluded with the transition to TRY, according to TRY?
References to Turkish Lira or Lira in laws and other legislation, administrative proceedings, judicial decisions, all kinds of legal transactions, valuable papers and other documents that have legal consequences, and payment and exchange instruments shall be deemed to have been made to the New Turkish Lira at the specified rate of change.
20) With the transition to YTL, will the contracts drawn up in TL remain valid?
In accordance with Article 3 of the Law on the Currency of the State of the Republic of Turkey No. 5083, in the relevant laws and other legislation, administrative proceedings, judicial decisions, all kinds of legal transactions, valuable papers and other documents bearing legal consequences, as well as payment and exchange instruments, the Turkish Lira or references to the Lira shall be deemed to have been made to the New Turkish Lira at the rate of change specified.
21) Will the conversion of documents issued in TL into YTL in the transition period cause any financial liability?
All kinds of legal transactions made in Turkish Lira, valuable papers and other transactions and documents that have legal consequences,
If they are changed according to the New Turkish Lira until 31 December 2005 (including this date), this treatment and the documents to be issued will be exempt from all kinds of taxes, duties, fees and other obligations.
22) How will price labels and lists showing the prices of goods and services throughout 2005 be arranged?
In the labels and tariff lists to be prepared within the framework of Article 12 of the Law on the Protection of the Consumer No. 4077 between January 1 and December 31, 2005, all goods and services prices will be displayed separately in TL and YTL.
Those who do not fulfill this obligation will be subject to the penalty stipulated in the second paragraph of Article 25 of the same Law.
23) What will be the international currency code of YTL?
Within the scope of the ISO-4217 standard regarding international currency codes, an application was made to the British Standards Institute, which carries out the secretariat of the International Organization for Standardization, for the currency code of YTL to be used in international payment systems, and the currency code was determined as “TRY”.
24) When will the international currency code of YTL be published in the ISO's list of international currency codes?
According to the information received from BSI, it will be published on a date close to 1 January 2005, which is the Turkish lira's initial circulation date.
25) In 2005, when YTL and TL will be in circulation together, will both currency codes be included as Turkey's international currency codes in the ISO's list of international currency codes?
In the ISO's list of international currency codes (as is the case for various countries), both currency codes will be included as Turkey's currency codes throughout 2005.
26) What will be the bank accounts with the transition to the New Turkish Lira?
As of January 1, 2005, all TL accounts must be converted to YTL, so bank accounts will also be automatically converted to New Turkish Lira.
27) How will deposit principal and interest yields be affected by this transformation?
As of January 1, 2005, all time and demand deposit accounts will be converted to YTL. As of this date, all interest accruals will be made in YTL.
28) In which currency will the amounts at the end of maturity of the deposit and repo transactions concluded before 31 December 2004 and due after 1 January 2005 be transferred to the accounts?
In accordance with the law, all dematerialized amounts will be converted from TL to YTL as of 1 January 2005. The interests of the accounts that are due after January 1, 2005 will be transferred to the accounts in YTL as in all other transactions.
29) Will there be any changes in deposit account numbers and deposit wallets?
There will be no change in deposit account numbers when they are changed to YTL.
As of January 1, 2005, the amounts in the accounts and the account movements will be followed in YTL. Deposits do not need to be changed. In case of any banking transaction at bank branches using the deposit wallets, up-to-date account information in YTL will be able to be processed on the deposit wallets.
30) Will there be a change in deposit rates due to the transition to YTL?
There is no direct relationship between the transition to YTL and deposit interest rates. Therefore, there will be no changes in deposit interest rates depending on TRY.
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31) What will be the fractions in bank accounts?
In the process of removing 6 zeros from the TL amount in the accounts, the values of half New Kurush and above will be completed to 1 New Kuruş. Values below half a New Kurush will not be taken into account. In other words, values of TL 5,000 and above in the accounts are rounded up to TL 10,000, while values below TL 5,000 will not be taken into account.
32) What will be the impact of the transition to YTL on treasury bills/government bond rates?
Removing 6 zeros from TL will not have a positive or negative effect on the Treasury Bill/Government Bond interest rates.
33) How will mutual fund pricing and number of shares be affected by the transition to YTL?
There will be no change in real terms for investors. However, in accordance with the transition to YTL, mutual fund unit prices will be displayed as 6 digits in YTL after the comma, and there will be no change in the number of shares.
34) How will investment and overdraft account statements be affected by the conversion?
Since all account transactions will be shown in YTL as of January 1, 2005, all statements including January 2005 statements will be issued in YTL.
35) After January 1, 2005, in which currency will the statements and receipts for 2004 be issued?
Since the records of 31 December 2004 and before will continue to be kept in TL in the system, the documents for 2004 to be issued in 2005 will be in TL. The regulations of the Ministry of Finance on this subject should also be taken into account.
36) Which currency will be used through ATM banking on January 1, 2005?
As of January 1, 2005, during the 1-year co-circulation period, both TL and YTL banknotes will be available at ATMs. Whether cash payments are made in YTL or TL,
after January 1, 2005, all entries will be made in YTL.
37) When 6 zeros are removed from the Turkish Lira, would it be more profitable if the savings were in foreign currency or in TL? How will the returns on investment instruments be affected by this application? For example, will stocks increase in value? Will the returns on Government Domestic Debt Securities change? Will deposit interest rates change?
The transition to YTL has no effect on the returns of existing investment instruments.
38) Will credit card interest rates change?
Removing 6 zeros from TL will not have any positive or negative effect on credit card interest rates.
39) Will there be any changes in the TL limit amounts of credit cards?
With the transition to YTL, 6 zeros will be removed from the credit card TL limit amounts.
40) What will be the effect of the transition to YTL on POS transactions?
Interbank Card Center (BKM) will shut down its systems for 5 minutes between 23:58-00:03 on 31 December 2004 and make the necessary transformation. However, by making the necessary transformation of banks, the starting time of transactions may differ according to their technological infrastructure.
As of January 1, 2005 at 00:03, transactions made from all POS terminals in Turkey will be recorded in YTL, and the transaction amount will be shown on the slips as both TL and YTL.
41) How will the transition to YTL affect retail credit risks?
As of January 1, 2005, retail loan risk balances will be converted into New Turkish Lira based on the subtraction of 6 zeros from TL (1,000,000 TL = 1 YTL) in accordance with Article 2 of the Law No. 5083 on the Currency of the State of the Republic of Turkey. .
42) Will personal loans and overdraft interest rates change?
Removing 6 zeros from TL will not have any positive or negative impact on the interest rates of credit products.
43) Will there be any changes in the TL limit amounts of personal loans and overdraft accounts?
With the transition to YTL, 6 zeros will be removed from the TL limit amounts of personal loans and overdraft accounts.
44) Will individual loan agreements and personal loan payment plans prepared over TL values need to be renewed?
In accordance with Article 3 of the Law No. 5083 on the Currency of the State of the Republic of Turkey, Turkish Lira in relevant laws and other legislation, administrative proceedings, judicial decisions, all kinds of legal proceedings, valuable papers and other documents bearing legal consequences, and payment and exchange instruments. References to currency or Turkish Lira shall be deemed to have been made to New Turkish Lira at the rate of change specified in Article 2 of the same law. Therefore, there will be no need to renew existing loan agreements and personal loan repayment plans.
45) How will the loans used before December 31, 2004, which are due after January 1, 2005, be processed?
Since all dematerialized amounts will be converted into YTL by dividing by 1,000,000 on 1 January 2005, loan accounts will also be converted into YTL. Therefore, loan installments and/or loan interests to be paid after January 1, 2005 will be treated in YTL.
During 2005, cash payments can also be made in TL, which has the legal currency status. However, the records will be kept in YTL converted.
46) What effect will the transition to YTL have on corporate credit risks?
As of January 1, 2005, corporate loan risk balances will be converted into New Turkish Lira, taking into account the exchange rate of 1,000,000 TL = 1 YTL.
47) Will corporate loan interest rates change?
Removing 6 zeros from TL will not have any positive or negative impact on the interest rates of credit products.
48) Will it be necessary to renew the general loan agreements, letters of guarantee and circular of signatures prepared over TL values?
In accordance with Article 3 of the Law No. 5083 on the Currency of the State of the Republic of Turkey, Turkish Lira in relevant laws and other legislation, administrative proceedings, judicial decisions, all kinds of legal proceedings, valuable papers and other documents bearing legal consequences, and payment and exchange instruments. References to currency or Turkish Lira shall be deemed to have been made to New Turkish Lira at the rate of change specified in Article 2 of the same law. Therefore, existing loan agreements,
49) What will be the impact of the transition to YTL on corporate credit limit and collateral amounts?
With the transition to TRY, 6 zeros will be removed from the credit limit and collateral amounts in TRY.
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50) How will automatic invoices, regular payments and future EFT/transfer orders be affected by the transformation?
As of January 1, 2005, all pre-ordered payments and future EFT/transfer transactions will be made in YTL. As of this date, account balances to be used for order transactions will also be converted into YTL, so if there is sufficient balance in the account for the transaction, as in the current practice, there will be no problem in payments.
51) Can credit card, personal loan and invoice payments be made in TL after January 1, 2005?
As of January 1, 2005, all kinds of cash payments can be made in YTL or TL until the end of 2005. If the payment is made in TL, the TL amount will be converted into YTL and accounted for.
52) How will invoices be issued in the entire public and private sector?
In all public and private sectors, invoices will be issued in TL until December 31, 2004, and in YTL as of January 1, 2005.
53) The payment due date is in 2005 and how will the invoices received before 31 December 2004 be processed?
Invoices, like all documents issued before 31 December 2004, will be issued in TL.
Invoices defined for automatic payment will be converted into YTL by dividing by 1,000,000 on 1 January 2005 in the system and will be processed as YTL on the payment day in 2005.
If the invoices issued in TL before 31 December 2004 are requested to be paid in TL on the payment day after 1 January 2005, collections will also be made in TL. However, transactions will be recorded in YTL converted and the issued receipts will be in YTL currency.
54) What will be the implementation of payment recording devices during the transition to YTL?
Detailed explanations on the subject are included in the General Communiqué on the Law on the Obligation of Value Added Taxpayers to Use Payment Recording Devices, Serial No. 60, published in the Official Gazette dated 15.5.2004 and numbered 25463.
Accordingly, payment recording device manufacturers or importers, after obtaining the necessary permission by applying to the Ministry of Finance, will arrange all payment recording devices, including those previously approved, in a way to operate in YTL and YKr. Regulatory procedures on this subject will be completed by 31.3.2005 at the latest. All payment recording devices to be sold after 1.1.2005 (including this date) will be capable of operating in YTL and YKr, and devices that do not have this feature will not be able to be sold.
In addition, with the amendment made in the "Law on the Obligation of Value Added Tax Payers to Use Payment Recording Devices" with the 13th article of the Law No. 5228 published in the Official Gazette dated 31.7.2004 and numbered 25539; Taxpayers have been given the opportunity to deduct up to 100% depreciation for the payment recording devices they have purchased to use, and to write off all of them as expenses.
55) Will there be an increase in banking transaction fees, loans and credit card fees due to the switch to YTL? How will the new fees be announced?
All banking transaction fees after the transition to YTL; 6 zeros will also be removed from loans and credit card fees. All kinds of transaction/service fee lists to be announced within the framework of Article 12 of the Law on the Protection of Consumers will be displayed separately in TL and YTL between 1 January and 31 December 2005.
56) Will banks collect any transaction fees or commissions from their customers due to the transition to YTL?
Due to the transition to YTL, banks do not have to pay any transaction fees, service commissions, etc. from their customers. collection is not possible.
57) How will checks be processed?
Bank accounts will be converted into YTL as of January 1, 2005. Therefore, if the checks issued in TL are presented in 2005, they will be paid in YTL. Checks will also be processed in TRY at the Interbank Clearing House.
58) If TL checks issued before 31 December 2004 are presented to banks after 1 January 2005, how will they be processed if they are bounced?
In the event that checks in TL amount presented to banks after January 1, 2005 turn out to be dishonest, notifications to the Central Bank will be made in YTL.
59) How will the bills with a payment maturity of 2005 be traded, which were issued in TL amount before 31 December 2004?
Notes that were issued in TL amount before 31 December 2004 and which are due for collection and/or security purposes with a maturity date of 1 January 2005 or later, will be converted into YTL on 1 January 2005 like all other dematerialized amounts.
In case the bills with a maturity date of 1 January 2005 or later are not paid, the protest and other legal transactions will be carried out in YTL currency.
60) Will all accounting records be kept in YTL as of January 1, 2005?
As of January 1, 2005, all dematerialized transactions will be carried out in YTL only.
Until 31 December 2004, all documents will be issued in TL and accounting records will be made in TL. These documents and accounting records will be kept as they are.
Accounting records will be converted into YTL based on the rate of change specified in the law on January 1, 2005, and these converted amounts will be accounted for as the first entry item.
61) Will the accounting records be kept separately in TL and YTL?
Documents to be issued and accounting records to be made as of January 1, 2005 will be in New Turkish Lira only. The fact that both currencies were in circulation throughout 2005 will not change this situation.
62) How will invoices and other documents related to the periods before 1 January 2005 but issued after this date be recorded?
Invoices to be issued, declarations and notifications to be issued after this date, although they are related to the periods before 1 January 2005, must be converted into YTL, prepared in YTL and recorded in the accounts, taking into account the regulations to be made by the Ministry of Finance.
63) What are the features of New Turkish Lira banknotes?
The images and security features of the YTL banknotes, which will be put into circulation on January 1, 2005, will be announced in October as part of the operation to switch to the New Turkish Lira by removing 6 zeros from our currency. Denominations with the same purchasing power were produced in similar colors and designs for both TL and YTL, in order to make banknotes easier to recognize and to avoid confusion in the transition to YTL.
64) What kind of security features do current banknotes have?
The security features found in banknotes are divided into two groups as those for the public and those for professionals. Below are the security features of the 20.000.000 TL banknotes.
I- Security Features for the Public
- Relief Print: It can be felt by touching various parts of banknotes with fingers.
- Optical Security Element: The oval pattern on the right side of the front of the banknote changes from golden yellow to green when viewed from different angles.
- Safety Strip: It consists of dashed silvery lines, takes the form of a straight line when held up to the light and has the letters “CBRT” on it.
- Hidden Image: When banknotes are held in horizontal position, at eye level, towards the light, the letters “TC” are seen in the lower right corner.
- Watermark: It is seen on the front and back when the banknotes are held up to the light, it consists of the small portrait of Atatürk in the middle.
- Integrated Image: When banknotes are held up to the light, it consists of the CBRT emblem complementing each other with the piece on the back.
II- Security Features for Professionals
- Micro Text: It can be read with a magnifying glass in various parts of the banknotes.
- Capillary Fibers: Visible in red and blue under ultraviolet light.
- Special Fluorescent Ink: Torch patterns and Atatürk's signature are visible under ultraviolet light.
- Special Edition Serial and Sequence Numbers: Serial and serial numbers printed in black on the upper left and red on the lower right glow under ultraviolet light and turn black and green.
- Banknote Paper: Special banknote paper that does not glow under ultraviolet light.
The security features of all denominations can be accessed from the Central Bank's website (http://www.tcmb.gov.tr/banknotes)
65) Are there additional security features for the visually impaired and visually impaired on YTL banknotes?
The most basic separator that can be created for the visually impaired and visually impaired is the printing of banknotes of different values in different sizes.
Due to the frequent issuance of new high value banknotes, a natural consequence of high inflation, it has not been possible to create a size difference between the denominations.
During the transition to YTL, the effect of embossing will be strengthened and a partial difference will be created in some banknote sizes.
In our banknotes, which are produced at international standards and using advanced technologies, after the economic conditions in our country are improved and our money is removed from our money, while switching from YTL to TL again, in order to help our visually impaired citizens, in consultation with the relevant non-governmental organizations, today's additional measures were taken. In addition, it is planned to include additional distinctive features.
66) What should be considered in the use of banknotes?
In order to increase the quality of banknotes in circulation;
- Taking the necessary care and attention to prevent the banknotes from being worn out,
- Not writing, crumpling, puncturing and tearing the banknotes, ·
- Acquiring the habit of using wallets,
- Obsolete and worn out banknotes They are required to exchange banknotes through the branches of the Central Bank of the Republic of Turkey or the banking system.
67) Where and how can old and worn banknotes be exchanged?
Full banknotes whose writings are dirty, washed, painted, burned, torn or worn out due to other reasons, whose value can be determined, and banknotes with
less than 50% deficiencies on the surface, are at par with their written value; Banknotes with a defect of 50% on the surface, provided that they are composed of one piece, can be replaced with new ones over half of their written value. Banknotes with more than half of the surface missing are not replaced.
It is possible to exchange old, worn or partially damaged banknotes directly
through the branches of the Central Bank of the Republic of Turkey, Ziraat Bank or the branches of other Banks and Special Finance Institutions.
68) Are there any restrictions on the use of pictures and images of banknotes?
Pursuant to Article 4 of the Law No. 5083, “Announcement Regarding Duplication and Publication of Pictures and Images of Banknotes” was published in the Official Gazette dated 24.2.2004 and numbered 25383, by the Central Bank of the Republic of Turkey. A heavy fine will be imposed on persons who do not comply with these announced conditions, unless the act does not result in a more serious crime.
69) What should be done when a counterfeit note is seized?
When a counterfeit banknote is seized, it should be reported to the Police immediately.
70) What kind of preparations should the business world make during the transition to YTL?
The preparations that the business world should make can be summarized as follows:
- Preparing a list of all applications that make monetary transactions and offer monetary value that may be affected by the transition to YTL,
- Harmonization of all software that performs monetary transactions,
- - Cash registers, etc. ensuring the harmonization of technical systems,
- Making necessary preparations for double price display on labels and tariff lists, - Making necessary preparations so that
- Informing all internal departments and all employees about the changes to be experienced and their reflection on business processes.
71) What will be the stock prices with the transition to YTL? For example, what will be the price of a $1,000 or $500 stock?
The nominal values of the shares of companies that have determined the nominal value of their shares as 500 TL or 1.000 TL will correspond to values such as 0.05 New Kurus or 0.1 New Kuruş after conversion.
In this direction, a draft law on this subject was prepared under the coordination of the Ministry of Industry and Trade, in order to adapt the provision that the nominal value of the shares is at least 500 TL in article 399 of the Turkish Commercial Code to current conditions and to amend it to at least 1 New Kuruş during the 5-year transition period. and was sent to the Turkish Grand National Assembly by the Prime Ministry.
In the draft, the provision that the rights of the shareholders of joint stock companies arising from the shares held during the transition period for compliance are reserved, is clearly included, and the Board of Directors of the company is obliged to implement the methods that will ensure the compliance of the shares with Article 399 of the Law.
When the bill becomes law, the application will be made individually by companies, to merge shares, for example to give a share of 0.01 YTL, in other words 1 New Kuruş, to an investor with 10 shares of 0.001 YTL, or to give a share of 1 New Kuruş. they will be able to choose ways to increase.
72) What will be the pricing and display of stocks in the ISE? Will there be a change in the number of ”1 Lot=1.000 Pieces” valid now?
With the transition to the New Turkish Lira, there would be difficulties in price monitoring in the ISE, especially in stocks with a price below 10,000 TL. For example, the price of a stock with a price of 8,550 TL is 0.855 New Kurus; The price of a stock with a price of 450 TL will need to be expressed as 0.045 New Kurus. Considering that the fractional prices, even in New Kurus, may cause investors and market participants to have problems in following the fractions, the arrangement explained below has been made.
Accordingly, the market price shown for shares with a nominal value of 1,000 TL in the current structure will be shown for shares with a nominal value of 1 TL (1,000,000 TL) in the new structure. Due to the necessity of price steps that can be expressed in cents, there will be two New Kurus digits in the price display. Existing regulations according to the equation “1.000.000 TL (nominal) = 1.000 units = 1 lot” in the current structure will be changed in accordance with the equation “1 YTL (nominal) = 1 unit = 1 lot” in the new structure.
For example:
- The price of a stock with a price of 8,550 TL for 1 YTL nominal value will be 8,55 YTL in the system,
- The price of a 450 TL share will be 0,45 YTL in the system for 1 YTL nominal value.
73) Will the stockholders incur any loss due to this change?
With the transition to the New Turkish Lira, investors will not suffer any loss of rights regardless of the nominal values of the shares.
Here, a special case should be mentioned in terms of stocks traded on the Stock Exchange. As explained, the practice of “1 YTL nominal = 1 unit = 1 lot” will be implemented in the Stock Exchange, and in other words, the shares that are accepted as 1,000 units in the current system will be accepted as 1 unit in the new system. In the new structure of TRY, fractional transactions will be terminated in all Stock Market markets and markets within the Exchange, and fractional transactions will be carried out within the scope of non-exchange under-lot transactions. In this respect, although the monetary amount of stocks under 1,000 is very low, investors who would not prefer to trade in the over-the-counter lot market should not hold less than 1,000 stocks in their accounts by the end of 2004 as much as possible.
74) Will there be transactions in the ISE stock market in the last two trading days of 2004?
In order to prevent any negativity in the clearing process and to enable the members of the Exchange to carry out their year-end transactions in a healthy manner, there will be no transactions in the Stock Market on 30 and 31 December 2004, the last two trading days of 2004. Thus, YTL will be transferred to YTL in a stable environment without any clearing transactions from 2004, and the records will be converted into YTL.
75) Will there be any changes in the ISE indices with the transition to YTL?
The indices calculated in the ISE are created by weighting the prices of stocks with various ratios. With the change in unit prices of stocks, indices will also need to change. However, the series should remain unchanged as much as possible in order to provide ease of follow-up of the indices and to make evaluations based on long years.
In this framework, when unit prices change with the transition to YTL, necessary changes will be made in the index calculation formula, so that the current number of digits in the index value will be preserved. Thus, investors will be able to continue to monitor the Exchange as they are used to.
76) What will be the cost of the transition to YTL in the capital markets?
The main cost of the transition to the New Turkish Lira will be the capital market institutions making the necessary changes in their software according to the New Turkish Lira. Here, it is not possible to pronounce a clear figure, as the cost may vary according to the degree of compatibility of the existing software of the intermediary institutions. However, considering that information technologies are widely used in capital markets and the software used is relatively new, it is anticipated that they are flexible and allow changes to be made on them. In this framework, a pressure factor such as cost should not be expected to occur on the market.
77) TL and YTL will exist together in the market for 1 year. Which currency will be preferred in the capital markets in this period?
In accordance with the provisions of the law, as of January 1, 2005, all transactions in the capital markets will be made in YTL and the records will be kept in YTL. In the final payment stage of the transactions, payments can be made in both currencies, since YTL and TL are circulated together for 1 year.
78) How can information about the developments regarding the YTL operation and the regulations to be made by the relevant institutions can be accessed?
Information on YTL can be accessed collectively at www.ytl.gen.tr, or at www.sanayi.gov.tr , www.maliye.gov.tr, Authorized by the Law No. 5083 on the Currency of the State of the Republic of Turkey, such as www.hazine.gov.tr, www.tcmb.gov.tr, www.die.gov.tr , www.spk.gov.tr and www.bddk.org.tr It is possible to follow the developments and have detailed information about the regulations by directly linking to the web page of the given regulatory institutions.
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