Fatih Karahan responds to the question 'Will 500 and 1000 TL banknotes be printed?'! 'As a result of our analyses...'

Central Bank of the Republic of Turkey (TCMB) Governor Fatih Karahan announced the second inflation report of the year.

Stating that the year-end inflation expectation has risen, Karahan said, "We have adjusted the 2024 year-end inflation forecast to 38 percent with a 2-point update."

Noting that the 2025 and 2026 forecasts were kept constant, Karahan stated that inflation would peak in May at 75-76 percent. Speaking about the minimum wage increase, Fatih Karahan said, "We are not a party to the negotiations. Therefore, we do not have any recommendations."

ARE 500 AND 1000 TL BANKNOTES COMING?

A journalist asked Karahan, “It is claimed that 500 and 1000 TL banknotes will be printed in the coming period. There are even images circulating about new banknote counting machines going on sale. Does the Central Bank have any work on banknotes? Is this on your agenda?”

"WE WILL TAKE THE NECESSARY STEPS IF A NEED IS IDENTIFIED"

Karahan gave the following response;

“I don't know how a banknote machine compatible with money that doesn't exist yet can be produced, but... Whether there is a need for a higher denomination banknote depends on many factors. We make decisions based on macroeconomic and financial analyses and technical evaluations. In this context, we also take into account the change in the composition of currency in circulation. As a result of these analyses, we will take the necessary steps if a need is identified.”