Breaking News: Joint statement on 'counterfeit dollars' from currency exchange offices! 'The amount we have encountered across all of Turkey...'

TÜYEMDER (Association of All Authorized Institutions and Currency Exchange Offices) has issued a joint press statement regarding claims of counterfeit dollars in the market.

The following was noted in the statement:

"A climate of panic is being created. As industry representatives, our field studies have not encountered the counterfeit currency mentioned in these claims.

As a result of our work over the past week, we have only encountered 2 counterfeit banknotes across all of Turkey. We have not come across any other currency besides these.

I also sent a message to all currency exchange offices, asking them to notify us if they had any counterfeit money. We were only able to reach these 2 notes, and they do not pass through our machines.

Reports in the press and on social media claiming there is 600 million dollars or 1 million dollars in counterfeit money are completely baseless.

There is not even 1,000 dollars of counterfeit money in the market."

WHAT HAPPENED?

The Istanbul Chief Public Prosecutor's Office had launched an ex officio investigation into the production and distribution of counterfeit dollars, which has been brought to the agenda by media outlets in recent days.

Following the investigation, the Central Bank of the Republic of Turkey (TCMB) and the Banks Association of Turkey (TBB) issued statements.

STATEMENT FROM THE TCMB

An announcement was made by the TCMB regarding counterfeit foreign banknotes. The announcement stated that the TCMB is carrying out the necessary work in coordination with the relevant judicial authorities as part of its effective fight against banknote counterfeiting, and noted the following:

"In this context, the counterfeit foreign currency that has been the subject of recent news reports regarding an increase in the circulation of counterfeit foreign banknotes in the market has been sent to our Bank by judicial authorities for the preparation of expert reports. The expert reports prepared by our Bank regarding the counterfeit currency in question have been shared with the Banks Association of Turkey (TBB) and the Participation Banks Association of Turkey (TKBB) to warn the banking sector, in addition to the judicial authorities. Furthermore, necessary guidance has been provided for taking measures against counterfeiting in the technological infrastructure."

STATEMENT FROM THE TBB

The following statements were included in the announcement made by the Banks Association of Turkey (TBB):

’’There have been reports in recent days that the circulation of counterfeit foreign currency banknotes in the market has increased. In order to combat counterfeit foreign currency and prevent its circulation, the necessary checks and updates are being performed on money counting machines, counterfeit currency detection devices, and ATMs currently in use.

The banking sector is working with sensitivity in close cooperation with the relevant public institutions to ensure that economic activity continues in a healthy and uninterrupted manner, to protect the rights and interests of customers, and to complete the necessary work for an effective fight against counterfeit foreign currency in a short time.’’

News Source: 12punto