Türkiye rules out introduction of 500, 1,000 lira banknotes

The authorities of Türkiye, whose economy is experiencing high rates of inflation and depreciation of the national currency, do not intend to introduce 500 and 1,000 lira banknotes in this regard.

The country’s Vice President Cevdet Yilmaz made the remarks on the air of Habertürk TV channel, commenting on the speculation in the local media that the Turkish Central Bank is preparing to print larger denomination money, which is also called for by some Turkish economists and analysts, TASS reports.

Currently, the largest banknote in Türkiye is the 200-lira bill.

“In addition, there were unconfirmed rumours in the media that the Central Bank may introduce 5 and 10 lira coins into circulation. Metal money is still used in the country, but in fact, some purchasing power remains only in the largest coin with a face value of 1 lira, and it is often used to give change, often rounding up the amount,” he said.

Yilmaz added that the other coins of 1, 5, 10, 25 and 50 kurush (tenths of a lira) have practically ceased to have any real value.