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Western EuropeDecember 1 2004

Turkey expects glitches in currency changeover

Turkey is likely to experience problems when it introduces a new currency next year, bankers and economists fear.Turkey is due to introduce the currency, the new Turkish lira (YTL), on January 1. Six zeros will be knocked off the old currency in a move to ease accounting practices, reduce strains on payment systems and create psychological conditions to curb inflation forever.
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But the YTL is likely to produce glitches, bankers and economists say. They believe the country may encounter difficulties similar to the Y2K problem that had threatened to play havoc with computer systems at the beginning of the millennium.

About 20% of Turks are unaware of the planned currency change, according to a central bank survey.

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