On January 1, 2010, Turkey will begin the second phase of its planned currency reform that will see the country stop production of their current banknotes (the New Turkish Lira) and replace them with a new currency series, simply called the Turkish Lira.
This second phase comes five years after the country first redenominated its currency at a rate of 1,000,000 to 1; meaning 1,000,000 old Turkish Lira were equal to 1 New Turkish Lira.
This time around, however, there is no change to the denominations – only to the name (which is actually reverting to its original name) and to the banknotes and coins themselves. The Turkish Lira will feature different sizes, designs, colours and security properities that the New Turkish Lira.
Though old coins can only be exchanged until the end of 2010, banks in Turkey will exchange old banknotes for the next ten years concluding the country’s currency reform in the year 2020.