It was introduced on 1 January 2005 , replacing the previous lira ( which remained valid in circulation until the end of 2005 ) at a rate of 1 new lira = 1,000,000 old lira . It was introduced on 1 January , 2005 , replacing the previous lira ( which remained valid in circulation until the end of 2005 ) at a rate of 1 new lira = 1,000,000 old lira .