Debate begins over new 500 and 1000 TL banknotes

A new one has been added to the claims that are periodically discussed by the public. Claims regarding new banknotes have returned to the agenda.

Economist and writer Dr. Şeref Oğuz claimed that he has received word that 500 and 1000 TL banknotes are being discussed. He also drew attention with the claim that, "They are reportedly trying to decide whether to put Abdülhamit or Necip Fazıl on the money."

With purchasing power falling significantly toward the end of 2024, the number of things that can be bought with the 200 TL note, the largest denomination, has decreased considerably. Meanwhile, 5 TL, 10 TL, and 20 TL banknotes have almost become like pocket change in the market.

While all these situations bring claims of new banknotes to the agenda from time to time, it has been alleged that the economic administration is determined to take action this time. The person voicing this claim this time was economist and writer Dr. Şeref Oğuz.

Speaking during a live broadcast he attended, Şeref Oğuz said he had received word that 500 TL and 1000 TL banknotes are being discussed.

Another claim that Oğuz put forward for the first time drew even more attention. Claiming that there is a focus on whose portrait will appear on the new banknotes to be printed, Oğuz stated that they are stuck between two options and used the following expressions;

"They are reportedly trying to decide whether to put Abdülhamit or Necip Fazıl on the money."

Oğuz's striking statements are as follows;

"The Central Bank rule is this; if the highest denomination of banknotes in circulation exceeds 50 percent of the total volume, it is moved to a higher denomination. Currently, this rate has reached 82 percent.

So why aren't they printing them? I inquired a bit internally. Firstly, the opposition will use it as a talking point. They will say, 'They printed inflation money.' Secondly, it is preferred that transactions move away from cash and be conducted through banks, and citizens are being directed there. Thirdly, frankly, there is word that the denominations for these new banknotes are being prepared, but this is a rumor, not news. We have even reached this detail: they are reportedly trying to decide whether to put Abdülhamit or Necip Fazıl on the money."