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The value of banknotes in circulation, which stood at TRY 153 billion at the start of 2020, was TRY 161 billion as of 10 March 2020 - the date when the first COVID-19 case was seen in Turkey, and reached its historical peak at TRY 247 billion in July. From then on, it was on the decline and completed the year at TRY 188 billion. By the end of 2020, the value and number of banknotes in circulation increased by 22.8% and 16.1%, respectively, compared to the previous year. Over the last decade, the year-end value of banknotes in circulation in Turkey has increased by an average 15% and the number of banknotes in circulation by an average 9% on a yearly basis (Charts 2.6.1 and 2.6.2).
By 31 December 2020, the number of banknotes in circulation was 2,483 million. As of the same date, the denominations with the highest number of banknotes in circulation were 100 TL and 50 TL banknotes, which together made up 54.8% of all the notes in circulation (Chart 2.6.3). As measured by value on the other hand, the two denominations commanding the biggest shares of the total were 100 TL (51.3%) and 200 TL (33.5%) banknotes (Table 2.6.1).
In 2020, via its 21 branches, 16 banknote depots, two cash centers, and Decentralized Cash Management (MONY) depots, the CBRT conducted a total of TRY 1,245 billion worth of transactions, of which TRY 605 billion were collections and TRY 640 billion were payments.
In this period, on a nationwide basis, branches with the largest shares in the total cash transaction volume were as follows: Istanbul Branch 21.2% (Karaköy Branch 7.4%, Cash Center on the European Side of Istanbul 9.4%, and Cash Center on the Anatolian Side of Istanbul 4.3%), Ankara Branch 10.6%, and Izmir Branch 7.8%.
Table 2.6.1: Banknotes in Circulation by 31.12.2020
Denomination |
Total Value |
% of Total Value |
Total Number |
% of Total Number |
200 TL |
63,020,435,100.0 |
33.46 |
315,102,175.5 |
12.69 |
100 TL |
96,572,384,500.0 |
51.27 |
965,723,845.0 |
38.90 |
50 TL |
19,741,079,300.0 |
10.48 |
394,821,586.0 |
15.90 |
20 TL |
4,902,966,870.0 |
2.60 |
245,148,343.5 |
9.87 |
10 TL |
2,647,645,350.0 |
1.41 |
264,764,535.0 |
10.67 |
5 TL |
1,484,935,470.0 |
0.79 |
296,987,094.0 |
11.96 |
TOTAL |
188,369,446,590.0 |
100.00 |
2,482,547,579.0 |
100.00 |
The CBRT has banknote depots in 16 of Turkey’s provinces where it does not have branches, serving to improve the physical quality of banknotes in circulation and meet the markets’ need for different denominations of banknotes in a timely manner. Through these depots, TRY 74.9 billion worth of collections and TRY 96.1 billion worth of payments were made in 2020. In other words, 13.7% of the CBRT’s total cash transaction volume was performed via these depots last year.
Additionally, five new MONY depots started operating in 2020: two in Istanbul, one in Ankara, and two in Izmir. Thus, the total number of MONY depots reached 26 by the end of 2020. In Istanbul, the share of transactions by MONY depots within the total transactions was 30.5%.
Lastly, to enhance efficiency of coin cash management, Consignment Coin Depots (CCD) were established in various provinces as per the protocol signed between the Postal and Telegraph Corporation (PTT) and the CBRT. In 2020, one new CCD was opened in Samsun, increasing the total number of CCDs in Turkey to 13. In 2020, 71% of the country-wide coin transaction volume of TRY 1,221.7 million was made by CCDs.
The Annual Average Value of Banknotes in Circulation/GDP ratio, which was 3.5% in 2009, has changed over the years and stood at 3.9% in 2020 (Chart 2.6.4).
