Fake currency crisis hits exporters too: Businesses face risk of being unable to pay salaries

The fake dollar crisis continues to have an impact on the market. Many businesses that cannot exchange the dollars they hold are experiencing difficulties. Business owners reported that if this crisis is not resolved, they will face difficulties in making payments, especially salaries, at the end of the month.

Following reports that fake currency printed abroad is being attempted to be introduced into the market in Turkey, many exchange offices and banks have started to refuse to accept 50 and 100 dollar banknotes. It has been alleged that the fake dollars can even pass through ATMs and money counting machines. As businesses that cannot exchange their foreign currency face the risk of being unable to pay their employees' salaries and make other payments as the end of the month approaches, employers have also entered a difficult situation.

Musa Evin, Vice President of the Organic Clothing Industrialists Association and a member of the Istanbul Chamber of Commerce Assembly, said that they cannot exchange the dollars they receive from exports due to the fake currency crisis and that they are struggling to pay their workers' salaries because it is the end of the month. Evin explained the problem as follows:

“Exporters' export proceeds arrive in foreign currency. There is a mandatory requirement to exchange 30 percent of the incoming foreign currency in advance. The rest is usually kept as foreign currency. We exchange it in parts when we need it. The end of the month has arrived, and we have salary and check payments. However, due to the fake currency crisis in the market, banks and exchange offices do not want to exchange foreign currency, and they are not doing so. If exporters do not exchange this foreign currency, they will be victimized. We will not be able to pay salaries, and if we cannot make our check and other payments, our credibility in banks and markets will be damaged. Necessary measures must be taken so that we are not victimized. Otherwise, our companies and personnel will face problems”.

News Source: 12punto