2.6. Currency in Circulation

The value of banknotes in circulation increased by 23.6 percent and stood at TL 74.8 billion in 2013. The total number of the banknotes in circulation rose by 15.5 percent and reached 1,315.7 million banknotes at the end of 2013. From 2004 to 2013, the average annual growth rate of banknotes in circulation was 22.1 percent in terms of value and 1.3 percent in terms of number. In the same period, the average growth rate of the number of banknotes in circulation was 1.3 percent, mainly because of the introduction of higher denominations during the first and the second phases of the currency reform that took place in 2005 and 2009, respectively (Graph 29).

Excluding withdrawn banknotes which are still in the redemption period, 1,211.7 million banknotes were in circulation as of 31 December 2013. In terms of number, 100 Turkish lira and 50 Turkish lira banknotes accounted for the largest shares of banknotes in circulation (Graph 30). The share of these denominations is 47.2 percent. In terms of value, 100 Turkish lira and 200 Turkish lira banknotes accounted for the largest shares, standing at 50.3 and 24.8 percent respectively at the end of the year (Table 2).

Table 2. Banknotes in Circulation (as of 31 December 2013)
Denomination Amount Share (Percent) Pieces Share (Percent)
TL 200 18,584,779,900.00 24.84 92,923,899.5 7.06
TL 100 37,633,392,750.00 50.30 376,333,927.5 28.60
TL 50 12,240,000,800.00 16.36 244,800,016.0 18.60
TL 20 3,628,668,870.00 4.85 181,433,443.5 13.79
TL 10 1,577,042,985.00 2.11 157,704,298.5 11.99
TL 5 792,679,602.50 1.06 158,535,920.5 12.05
SUB TOTAL 74,456,564,907.50 99.52 1,211,731,505.5 92.09
Others(*) 358,024,820.25 0.48 104,013,986.0 7.91
TOTAL 74,814,589,727.75 100.00 1,315,745,491.5 100.00

(*) Banknotes that are still in the 10-year redemption period.
Source: CBRT

The ratio of the annual average value of banknotes in circulation to GDP was 2.3 percent in 2004. After the first stage of the currency reform, this ratio grew by an average 7.4 percent annually and reached 4.4 percent at the end of 2013 (Graph 31).

In 2013, a total transaction of 549.8 billion Turkish liras, (267.8 billion Turkish lira deposits vs. 282 billion Turkish lira payments), was executed through 21 branches, 16 banknote depots and 2 cash centers.

Moreover, in 2013, 30.9 billion Turkish lira deposits and 33.4 billion Turkish lira payment transactions were made in banknote depots, which have been established in 16 cities where the Bank does not have branches, with the objective of improving banknote quality and meeting various cash demands of the market on time. In other words, 11.7 percent of the Bank’s total transaction volume in 2013 was made through the banknote depots.

The European Side Cash Center that was established as a sub-division of the İstanbul Branch in 2012 received 37 percent share in total volume of İstanbul cash operations in 2013. The Anatolian Side Cash Center’s share was 31.1 percent. During this period, European and Anatolian Side Cash Centers had shares of 10.7 and 9 percent in total transaction volume and performed as the second and fourth largest branches among all branches, respectively.

The E-9 Emission Group II. Series 100 Turkish lira, 20 Turkish lira and 10 Turkish lira banknotes were put into circulation on 24 December 2012. The II. Series 200 Turkish lira, 50 Turkish lira and 5 Turkish lira banknotes were put into circulation as of 8 April 2013 and the dominant color of the 5 Turkish lira banknote was determined as “purple”. These banknotes, apart from the changes in signatures and color of the 5 Turkish lira banknotes, are identical to the I. Series banknotes in terms of their dimensions, obverse and reverse compositions, general features and appearance.