"Multi-millionaires no more: Turkish Cypriots welcome in the new lira
By Simon Bahceli
THE DAYS when even the poorest of Turks could claim to be multi-millionaires drew to a close over the New Year as Turkey ushered in a new currency that effectively knocked six zeros of its inflation-ridden lira.
The Yeni Turk lirasi, or New Turkish Lira in English, was unleashed at midnight on December 31, bringing an end to the bewildering mathematical calculations needed for even the most minor of shopping trips.
Turkey's currency reform is part of a wider programme backed by the International Monetary Fund (IMF) aimed at bringing stability to Turkey's growing but volatile economy following the notorious 2001 crash.
The reform has implications for Cypriots too, as the "official" currency of the north is the Turkish lira, or as it is now known, the New Turkish lira."
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