Not so many millionaires in Turkey

A new currency for the New Year:

Under the new system, 1,000,000 Turkish lira, about 75 cents, is equivalent to 1 new Turkish lira -- the price of about three loaves of bread. . .

The old currency boasted the world's largest bank note -- 20,000,000 lira, worth only about $15. The move comes as the government has made important progress in reducing inflation, which ran in the double digits for decades.

Full story here. It's been over ten years since I was last in Turkey, but I do recall how one could often get better prices by paying in dollars or Deutschmarks.

Posted by David on January 2, 2005 9:48 AM