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2.5 Banknotes in Circulation
By the end of 2019, the value of banknotes in circulation increased by 16% year-on-year and reached TRY 153.4 billion. The number of banknotes in circulation increased by 11.7% and reached 2,139 million by end-2019. Over the last five years, the end-year value of banknotes in circulation in Turkey has increased by an average 12.8% and the number of banknotes in circulation by 8.6% 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Excluding withdrawn banknotes that are still in the 10-year redemption period, the number of banknotes in circulation was 2,118.3 million by 31 December 2019. As of the end of 2019, the denominations with the highest number of banknotes in circulation were 100 TL and 50 TL banknotes, the share of which made up 53.2% of all the notes in circulation (Chart 2.5.2). As measured by value on the other hand, the two denominations commanding the biggest shares of the total were 100 TL (51.5%) and 200 TL (31.6%) banknotes (Table 2.5.1).
Table 2.5.1: Banknotes in Circulation by 31.12.2019
Denomination |
Total Value |
% of Total Value |
Total Number |
% of Total Number |
|---|---|---|---|---|
200 TL |
48,398,537,100.0 |
31.56 |
241,992,685.5 |
11.31 |
100 TL |
79,008,394,950.0 |
51.52 |
790,083,949.5 |
36.94 |
50 TL |
17,372,836,450.0 |
11.33 |
347,456,729.0 |
16.24 |
20 TL |
4,708,857,220.0 |
3.07 |
235,442,861.0 |
11.01 |
10 TL |
2,368,055,090.0 |
1.54 |
236,805,509.0 |
11.07 |
5 TL |
1,332,386,732.5 |
0.87 |
266,477,346.5 |
12.46 |
SUBTOTAL |
153,189,067,542.5 |
99.89 |
2.118,259,080.5 |
99.03 |
Other* |
173,308,644.5 |
0.11 |
20,676,931.0 |
0.97 |
TOTAL |
153,362,376,187.0 |
100.00 |
2,138,936,011.5 |
100.00 |
Source: CBRT
(*) Withdrawn banknotes that are still in the 10-year redemption period
The “Annual Average Banknotes in Circulation/GDP” ratio, which was 4% in 2009, has changed over years and is projected to be 3.4% in 2019 (Chart 2.5.3).
In 2019, via its 21 branches, 16 banknote depots and 2 cash centers and Decentralized Cash Management depots (MONY), the CBRT conducted a total of TRY 1,139.7 billion worth of transactions, of which TRY 559.3 billion were collections and TRY 580.4 billion were payments.
In this period, on a nationwide basis, branches with the largest shares in the total transaction volume were as follows: Ankara Branch 11.3%, Cash Center on the European Side of Istanbul 9.5%, İstanbul Karaköy Branch 7.6%, İzmir Branch 7.5% and Anatolian Side Cash Center of Istanbul 6.6%.
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 73 billion worth of collections and TRY 82.2 billion worth of payments were made in 2019. In other words, 13.6% of the CBRT’s total banknote handling operations was performed via these depots last year.
Additionally, 13 new MONY depots started operating, nine, two and two of which were affiliated to the Istanbul, İzmir and Ankara branches, respectively in 2019, totaling to 21. The share of Istanbul province within the transactions conducted by MONY depots was 26.7%.
Lastly, to enhance efficiency of coin cash management, Consignment Coin Depots (CCD) were established in various provinces as per the protocol signed between the General Directorate of Post and Telegraph Organization (PTT) and the CBRT. In 2019, 11 CCD were commissioned: 2 in Istanbul, 1 in Ankara, İzmir, Gaziantep, Adana, Bursa, Antalya, İzmit, Konya and Kayseri provinces. Thus, the total number of CCDs reached 12. In this period, 36% of country-based coin transaction volume of TRY 1.906,9 million was made by CCDs.
