Turkey introduces 20-million-lira banknotes
Turkey introduced on Monday, November 5 banknotes worth 20 million lira ($12.8), the result of chronic inflation plaguing the country for the past several decades. The previous biggest note, worth 10 million Turkish Lira, had entered circulation in November 1999.
Ever-rising inflation has long been one of Turkey's most serious economic problems, which culminated in a severe financial crisis last February, dragging the economy into one of the worst recessions in the country's modern history.
The turmoil caused the currency to lose more than 50 percent of its value against the dollar. Inflation, meanwhile, stood at 61.8 percent in September compared to the same month last year. — (AFP, Ankara)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)