The value of banknotes in circulation increased by 19.3 percent compared to the preceding year and reached TL 123 billion by the end of 2016. The total number of the banknotes in circulation rose by 9.2 percent and reached 1,783.3 million banknotes at the end of 2016. During the last five years, the average annual growth rate of values of banknotes in circulation by year-end and the average growth rate of the number of banknotes in circulation were 17.5 and 10.6 percent, respectively (Graph 29).

Graph 29. Value and Number of Banknotes in Circulation

Excluding withdrawn banknotes which are still in a 10-year redemption period, 1,762.3 million banknotes were in circulation as of 30 December 2016. 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 two denominations was 54.9 percent. In terms of value, 100 Turkish lira and 200 Turkish lira banknotes accounted for the largest shares, standing at 53.9 and 27.1 percent respectively at the end of the year (Table 1).

Graph 30. Number of Banknotes in Circulation by Denomination

Table 1. Banknotes in Circulation (as of 30 December 2016)

* 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 is increasing. The ratio, which was 2.9 percent in 2006, is calculated as 5.4 percent for the end of 2016 as shown in Graph 31.

Graph 31. Annual Average Value of Banknotes in Circulation / GDP
(Percent)

In 2016, total transactions of TL 774.9 billion, (TL 377.4 billion deposits vs. TL 397.5 billion payments), were realized through 21 branches, 16 banknote depots and 2 cash centers.

Moreover, in 2016, TL 48.3 billion deposits and TL 50.2 billion payment transactions were made in banknote depots, which have been established in 16 cities where our 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, 12.7 percent of the Bank’s total transaction volume in 2016 was made through the banknote depots.

The European Side Cash Center, a sub-division of the İstanbul Branch, received 38.3 percent share in total volume of cash operations of İstanbul in 2016. In the same period and among the total volume of cash operations throughout the country, the shares of the European Side Cash Center, the Ankara Branch, the İstanbul Karaköy Branch, the Anatolian Side Cash Center and the İzmir Branch were 11.8, 11.1, 10, 9 and 7.9 percent, respectively.