Decree Law 201/2011, containing "Urgent measures for growth, equity and the consolidation of the public finances" (published in the Ordinary Supplement to Gazzetta Ufficiale no. 284 of 6 December 2011) , provided for the immediate lapsing and assignment to the Treasury of lira banknotes, notes and coins still in circulation (Article 26).
Accordingly, as of 7 December 2011 the Bank of Italy no longer exchanges lira into euro.
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