High inflation and the cost of living in Turkey are causing historic losses in the value of the Turkish Lira. As citizens now need more money for their daily expenses, it is being claimed that the government and the Central Bank will issue new banknotes at this point.
It had been suggested that as a result of the work carried out, the Central Bank would issue new 500 and 1000 TL banknotes.
Responding to questions from members of the press at the Turkish Grand National Assembly (TBMM) Planning and Budget Committee, Central Bank (TCMB) Governor Fatih Karahan clarified these claims.
"THERE IS CURRENTLY NO WORK ON HIGHER DENOMINATIONS"
Regarding the question about new banknotes, Karahan stated that they are evaluating the composition of denominations in circulation, saying, "We made a decision by also evaluating developments in non-cash payment instruments, and there is currently no work on denominations. We are continuing with the existing denominations, but we make evaluations from time to time.”
News Source: AA
