on March 1, 2005
The old TRL went from 1.345.000 to the new TRY 1.3450 overnight. Since its introduction the new TRY has appreciated 5% to 1.2780 TRY to one USD (at time of writing).
I was able to take TRY out of the local bank automat. There are many solid Turkish banks with cash machines in N. Cyprus, and I was able to use my German bancard without any problems. If you are unsure about which Turkish bank is which, there is also an HSBC in the Old Nicosia main square.
I also noticed that many shoppes and restaurants also accepted Cyprus pounds (CYP) as well as lira. The exchange rate for the dollar against the pound is 2.2630 at the moment. Therefore, the theoretical exchange rate of CYP/TRY is 2.8921 lira for one pound.
