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Turkish Lira
Currency regime
The Turkish lira floats against the major global currencies. As at July 11 2007, the lira was trading at around 1.29 against the US currency, 1.78 against the Euro and 2.62 against Sterling.
Cash is generally preferred to travellers cheques in Turkey.
Important note. The Turkish authorities redenominated the lira at the beginning of 2005. Before then, the lira traded at around 1,350,000 against the US currency. Following the change the new rate was 1.35 with the currency redenominated by taking six zeros off the old rate. During 2005, both the old and new prices should be displayed at retail outlets. The old and new currencies will also both be accepted during 2005.
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