What Is the New Turkish Lira (YTL)?
Definition
New Turkish Lira (YTL): The currency Türkiye adopted on 1 January 2005 by dropping six zeros from the lira; 1 YTL = 1,000,000 old TL. On 1 January 2009 the word “new” was dropped and the value stayed the same. The calculators’ Türkiye data starts on that date.
The new Turkish lira (YTL) is the currency Türkiye adopted on 1 January 2005 by dropping six zeros from the lira: 1 YTL equals 1,000,000 old lira (Law 5083). On 1 January 2009 the word “new” was dropped with no change in value. Amounts from 2005 on share one scale; earlier amounts run into millions.
Converting an old amount
To read an amount from before 2005 in today’s lira, divide it by 1,000,000: the monthly gross minimum wage of 2004, 444,150,000 TL, is 444.15 YTL, that is 444.15 TL today. Adjusting for inflation is a separate step; use the CPI inflation calculator for that.
In the calculators
This site’s Türkiye data (minimum wage, social security limits, tax brackets, stamp duty, severance ceiling) starts on 1 January 2005, with the YTL. The calculators give no result for earlier dates, because those amounts were written in the old lira and the scale would be confusing. The CPI series starts in 2003; an index is a ratio, so the currency does not affect it.
In Türkiye
The law was published on 31 January 2004; both currencies circulated during 2005 and the old banknotes stayed valid until 31 December 2005. One new kuruş is one hundredth of a YTL. Official documents give 2005–2008 amounts in “YTL” and amounts from 2009 on in “TL”.