Posted by meb at September 5th, 2008

Turkish banks are preparing to transition from the new Turkish lira (YTL) to the Turkish lira (TL), a move due to start by the end of this year.

Officials from the Turkish Banks Association (TBB), speaking with the Anatolia news agency, noted that the banks will need to make all necessary changes to their systems and technical infrastructure to switch to the TL by the end of the year. The TBB assembled a group to work with bank managers and share ideas on the transition period. Should any problems emerge, they can be addressed early. Banks will be held responsible for supplying their customers with further information prior to the transition from the YTL to the TL. The TBB also noted that Dec. 31 may experience gridlock as transactions to be done in TL may put an extra burden on online banking services and ATMs. “We expect a shorter interruption than during the transition to the YTL in 2005 because this will be a less comprehensive transition,” TBB officials said. Underlining that the value of the currency will not change, they said the transition period will not affect accounting systems. “The society, however, will need time to get accustomed to the changes in the size and color of the bills,” the officials said.
source: Today’s Zaman

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