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2.5 Banknotes in Circulation
By the end of 2018, the value of banknotes in circulation increased by 0.6% year-on-year and reached TRY 132.3 billion. Meanwhile, the number of banknotes in circulation decreased by 0.3% and stood at 1,914 million. Over the last five years, the end-year value of banknotes in circulation in Turkey has increased by an average 12.3% and the number of banknotes in circulation by 7.9% on a yearly basis (Chart 2.5.1).
Excluding withdrawn banknotes that are still in the 10 year redemption period, the number of banknotes in circulation was 1,893.5 million by 31 December 2018. As of end 2018, the denominations with the highest number of banknotes in circulation were 100 TL and 50 TL banknotes (Chart 2.5.2). The share of these two denominations made up 53.6% 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 100 TL (53.7%) and 200 TL (28.3%) banknotes (Table 2.5.1).
Table 2.5.1: Banknotes in Circulation by 31.12.2018
| Denomination | Total Value | % of Total Value | Total Number | % of Total Number |
|---|---|---|---|---|
|
200 TL |
37,451,975,900.0 |
28.32 |
187,259,879.5 |
9.78 |
|
100 TL |
70,958,036,450.0 |
53.65 |
709,580,364.5 |
37.07 |
|
50 TL |
15,776,598,275.0 |
11.93 |
315,531,965.5 |
16.48 |
|
20 TL |
4,537,611,340.0 |
3.43 |
226,880,567.0 |
11.85 |
|
10 TL |
2,180,255,820.0 |
1.65 |
218,025,582.0 |
11.39 |
|
5 TL |
1,181,120,955.0 |
0.89 |
236,224,191.0 |
12.34 |
|
SUBTOTAL |
132,085,598,740.0 |
99.87 |
1,893,502,549.5 |
98.91 |
|
Other(*) |
176,123,644.5 |
0.13 |
20,763,482.5 |
1.09 |
|
TOTAL |
132,261,722,384.5 |
100.00 |
1,914,266,032.0 |
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 3.5% in 2006, has increased over the years and is estimated to have closed the year at 3.7% in 2018 (Chart 2.5.3).
In 2018, via its 21 branches, 16 banknote depots and 2 cash centers, the CBRT conducted a total of TRY 993.7 billion worth of transactions, of which TRY 496.5 billion were collections and TRY 497.2 billion were payments.
The CBRT has banknote depots in 16 of Turkey’s provinces where it does not have branches. These facilities, which serve to improve the physical quality of banknotes in circulation and also meet the markets’ need for different denominations of banknotes in a timely fashion, made TRY 66.7 billion worth of collections and carried out TRY 67.1 billion worth of payments in 2018. In other words, 13.5% of the CBRT’s total banknote handling operations was performed via these depots last year.
In 2018, the CBRT’s Cash Center on the European Side of Istanbul, which is a subdivision of the Istanbul Branch, carried out 39.1% of all transactions handled in Istanbul province. On a nationwide basis, the shares of some branches in the total transaction volume were as follows: Cash Center on the European Side of Istanbul 11.7%, Ankara Branch 11.6%, Istanbul Karaköy Branch 9.5%, Anatolian Side Cash Center of Istanbul 8.7% and İzmir Branch 7.7%.
Additionally, the eight Decentralized Cash Management (abbreviated as MONY in Turkish) depots, which started operating under the Istanbul branch in the second half of 2018, handled 4.3% of all transactions conducted in Istanbul province.
