Şenol Babuşçu gives a date for the 500 TL banknote! 'A 1,000 TL note must also be issued'

Due to the high cost of living, high inflation, and the rising exchange rate, the Turkish Lira is losing value every day.

The Central Bank of the Republic of Türkiye has denied that 500 TL banknotes are on their agenda, both under the previous administration and the current one; however, claims that new banknotes will be printed continue to occupy the economic agenda.

Prof. Dr. Şenol Babuşçu, Head of the Department of International Finance and Banking at Başkent University, reiterated his claim, which he had previously brought to the agenda, that preparations are underway for the printing of new 500 TL banknotes.

HE GAVE A DATE FOR THE 500 TL BANKNOTE

Making a statement during a live broadcast, Babuşçu explained the reasons why 500 TL and 1,000 TL banknotes should be issued and provided a date for the 500 TL banknote.

Babuşçu, who appeared on Sözcü TV, was asked: “You said a 500 lira banknote would be issued. In fact, the Central Bank governor at the time objected to it. Today, a 200 lira banknote was printed with Gaye Erkan's signature. Do you still stand by your claim? Will we see these banknotes soon? Will 500 lira banknotes also be printed?”

‘500 AND 1,000 TL BANKNOTES WILL BE ISSUED WITHIN 3 MONTHS’

In response to this question, Babuşçu repeated his claim, stating: “Banknote preparations had been made at that time, but their issuance was postponed due to the elections. It was left until after the elections. Of course, after the general elections, the local elections also intervened. After the local elections, I still hold the same claim. That is, in the coming months of April, May, and June… I think 500 and 1,000 TL banknotes will be issued within 3 months after the local elections.”

Prof. Dr. Babuşçu also explained why 500 and 1,000 TL banknotes are needed through a calculation he performed.

Prof. Dr. Şenol Babuşçu's calculation is as follows:

"I did a calculation yesterday; if a payment of 2 million 900 thousand liras were to be made, for example when buying a house, you would need to use 16 kilograms of 200 TL banknotes for this payment. If you were to pay the same amount in dollars, you would only need 1 kilogram of banknotes. The difficulty of carrying them is at a very serious level; they are 16 times harder to carry. I believe that for reasons like this, and in accordance with international customs, these banknotes should be issued as soon as possible after the elections."