Fatih Altaylı explains why the 500 TL banknote is not being printed!

Due to high inflation and the exchange rate breaking record after record, the Turkish Lira continues to lose value every day.

Because of the economic crisis, the usage rate of 200 TL banknotes has risen to 70 percent.

While the 200 TL banknote, which entered circulation in 2009, was equivalent to 135 Dollars, it has now fallen to 6.50 Dollars.

Recently, claims have been surfacing that new banknotes will be printed. These rumors have been repeatedly denied by the Central Bank of the Republic of Turkey, which has the authority to print banknotes, and by the economic administration.

FATİH ALTAYLI'S 500 TL BANKNOTE CLAIM

Journalist Fatih Altaylı also commented on the 500 TL banknote, which has been on the public agenda for a long time. In his assessment of the issue, Altaylı explained why the 500 TL banknote is "not being printed."

Stating that the 500 TL banknote is not being printed due to its psychological impact, as it would suggest that inflation is very high, Altaylı said, ‘If we went to an average restaurant in Istanbul with our colleagues today, we would pay at least 5-6 thousand TL. What are we going to do, pay with this much cash? That's why I use a credit card. Maybe they are doing it to encourage credit card usage and keep the economy on record, I don't know.”

Altaylı, who also made a "simit" (bagel) calculation regarding the purchasing power of 200 liras, commented, “Someone wrote on social media: ‘When the 200 lira was first issued, you could buy 200 simits, today you can buy 20.’ They are mistaken. It was 50 kuruş back then. We were buying 400 simits. Today it buys 200 simits, and that's with the simit price hike postponed until after the election! After the election, it won't even buy 20 simits. It will buy 12-13 simits.”

“IT IS NECESSARY TO PRINT A 5000 TL BANKNOTE”

Explaining his thoughts on why a 500 lira banknote is not being printed, Altaylı said, “We see this, others see this, is it possible that the government doesn't see it? They aren't doing it, it doesn't suit their interests. Because if you wanted to print a bill at the level of the 200 lira of that day, you would need to make a 5000 lira banknote today...

“RETIREE SALARY IS 2 BILLS, MINIMUM WAGE IS 3 BILLS”

Now, the retiree salary is 10 thousand lira. You go to the bank to get your salary, they hand you 2 bills. Go ahead, use them happily. Of course, this has a moral impact. You look at it and feel sick, because you only received 2 bills. The minimum wage is 3 bills, let's say 4. A teacher's salary is 4 bills... Of course, that's why they don't do it. But what happens? Everyone is carrying dollars in their pockets again,” he stated.

“MY POCKET IS BULGING IN THE MORNING, BUT IT DOESN'T LAST UNTIL THE EVENING”

Stating that parking fees in Istanbul are 400 TL, Altaylı said, “How is this going to work? When you give 10 dollars, the job gets done, but the other way it doesn't. How many 200 lira bills can a person carry in their pocket? I walk around with a bulging pocket, but I go out in the morning and it doesn't last until the evening.”

News Source: 12punto