Twenty years ago, to the day, in 2005, Turkey abolished six zeros from its national currency, in order to assert its economic stability and to fight against inflation. The introduction of the new book takes place in January 2005; It replaced the old million pounds, which, with its zero alignments, could make you dizzy: the slightest kilo of potatoes exceeded one million and a rent paid in billions. With the reform, 2 Turkish pounds were now equivalent to 1 euro.
In twelve months, inflation passed, for the first time in forty years, below the 10 % mark and the public debt was reduced from 100 % to 60 % of the gross domestic product (GDP). As a result of this upturn, the Minister of the Economy at the time, Mehmet Simsek, said that the Turkish public sector could do without a new credit line of the International Monetary Fund. The then Prime Minister, Recep Tayyip Erdogan, promised, in an equally confident tone, a stable environment, with a Turkish book that has become “The main indicator of the good health of the country's economy”. Press out, Rose and with the portrait of the founder of modern and republican Turkey, Atatürk (like all banknotes in circulation), the biggest cut was introduced on the market: it amounted to 200 pounds Turkish.
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Source: Lemonde