New era after fake dollar crisis: Transactions have resumed

The counterfeit currency crisis that erupted in Turkey in December deeply affected the financial sector and brought security vulnerabilities to the agenda.

The circulation of millions of counterfeit 50 and 100 dollar banknotes caused trade in the Grand Bazaar to stall and led banks to suspend foreign currency transactions.

The inability of ATM devices and money counting machines to detect whether older dollar bills were counterfeit, in particular, exposed security vulnerabilities in the banking system.

STATEMENT FROM THE BANKS ASSOCIATION OF TURKEY

The Banks Association of Turkey (TBB) announced that comprehensive software updates have been made to foreign currency banknote counting machines following the process.

In a written statement, the TBB said, "Necessary improvements have been completed on devices procured from abroad, and banks are now accepting 50 and 100 dollar banknotes printed before 2009."

FOREIGN CURRENCY TRANSACTIONS HAVE RESUMED

The TBB announced that foreign currency deposit and withdrawal transactions have resumed with the updates made. The statement included the expression, "Work carried out for the security of both our customers and our banks has been completed."

IMPORTANT STEP FOR BANKING SECURITY

These measures are considered an important step toward increasing security in the banking sector following the counterfeit currency crisis. Investors and citizens will be able to conduct foreign currency transactions safely again with the improvement of security measures.