While high inflation in Turkey is causing difficulties in cash usage, the step for new banknotes that the market has been expecting for a long time has yet to come from the Central Bank of the Republic of Turkey (TCMB). The reason for the Central Bank's cautious approach to this issue is cited as the concern that new banknotes could increase the informal economy.
IS THIS THE END FOR 50-KURUŞ COINS?
Last year, the minting of 10 and 25-kuruş coins was stopped due to rising production costs. Now, it is being discussed that 50-kuruş coins might share the same fate. It is stated that the production cost of a single 50-kuruş coin exceeds 3 TL, and that of a 1 TL coin exceeds 4.3 TL. On the other hand, the goal is to increase the circulation of the 5 TL coins that were released into the market in limited numbers. It is noted that citizens will continue to use the existing 10, 25, and 50-kuruş coins.
MAY TURN INTO A COLLECTIBLE ITEM
According to a report by Sözcü, experts suggest that in addition to the 10 and 25-kuruş coins that are no longer produced, 50-kuruş coins could also carry collectible value in the future following a potential decision.
DIFFERING VIEWS FROM THE CENTRAL BANK AND THE MINISTRY
According to the claims, the Central Bank of the Republic of Turkey, following the termination of 10 and 25-kuruş production last year, has now put the minting of 50-kuruş coins on its agenda. However, sources from the Ministry of Treasury and Finance denied the rumors, stating, "The claims that the minting of 50-kuruş coins will be stopped do not reflect the truth."
News Source: 12punto
