MENU
2.5 Banknotes in Circulation
By the end of 2017, the value of banknotes in circulation in Turkey increased by 6.9 percent year‑on‑year and reached TL 131.4 billion. The total number of banknotes in circulation rose by 7.7 percent and reached 1,920 million. Over the last five years, the value of banknotes in circulation in Turkey has increased by an average 16.9 percent and the number of banknotes in circulation by 11.0 percent on a yearly basis (Graph 2.5.1).
Excluding withdrawn banknotes that are still in the 10‑year redemption period, the number of banknotes in circulation was 1,889.1 million on 29 December 2017. As of end‑2017, the denominations with the highest number of banknotes in circulation were TL 100 and TL 50 banknotes (Graph 2.5.2). The share of these two denominations made up 55.4 percent of all the notes in circulation. As measured by value on the other hand, the two denominations commanding the biggest shares of the total were TL 100 (55.3 percent) and TL 200 (25.8 percent) banknotes (Table 2.5.1).
Table 2.5.1: Banknotes in circulation by 29 December 2017
Denomination |
Total Value |
% of Total Value |
Total Number |
% of Total Value |
|---|---|---|---|---|
200 TL |
33,910,866,800.0 |
25.80 |
169,554,334.0 |
8.82 |
100 TL |
72,645,085,600.0 |
55.26 |
726,450,856.0 |
37.84 |
50 TL |
16,814,741,500.0 |
12.79 |
336,294,830.0 |
17.52 |
20 TL |
4,671,872,910.0 |
3.55 |
233,593,645.5 |
12.17 |
10 TL |
2,139,591,930.0 |
1.63 |
213,959,193.0 |
11.14 |
5 TL |
1,096,483,062.5 |
0.83 |
219,296,612.5 |
11.42 |
SUBTOTAL |
131,278,641,802.5 |
99.86 |
1,899,149,471.0 |
98.91 |
Others* |
179,020,579.0 |
0.14 |
20,842,484.5 |
1.09 |
TOTAL |
131,457,662,381.5 |
100.00 |
1,919,991,955.5 |
100.00 |
Source: CBRT (*)
Banknotes which have been removed from circulation but whose 10-year redemption period has not yet expired.
The “Annual Average Value of Banknotes in Circulation/GDP” ratio, which was 2.9 percent in 2006, has increased over the years and reached 4.3 percent in 2017 (Graph 2.5.3).
In 2017, the CBRT conducted TL 860.8 billion worth of transactions, of which TL 426.2 billion were deposits and TL 434.7 billion were payments, via 21 branches, 16 banknote depots and 2 cash centers.
CBRT has banknote depots in sixteen of Turkey’s provinces where it does not have branches. These facilities, which are intended to maintain the physical quality of banknotes in circulation while also keeping markets supplied with the denominations that they need in a timely fashion, made TL 56.8 billion worth of deposits and carried out TL 59 billion worth of payments in 2017. To put it another way, these facilities carried out 13.4 percent of the bank’s total banknote handling operations last year.
The CBRT’s Cash Center on the European Side of Istanbul (Avrupa Yakası Vezne Merkezi), which is a subdivision of the Istanbul Branch, carried out 38.6 percent of all transactions handled in Istanbul province. On a nationwide basis, the shares of some branches in total transaction volume was as follows:
The Ankara Branch 12.3 percent, Cash Center on the European Side of Istanbul 11.7 percent, Anadolu Side Cash Center of Istanbul 9.6 percent, Istanbul‑ Karaköy Branch 9.1 percent, and İzmir Branch handled 8.1 percent of all transactions.
