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The value of banknotes in circulation, which stood at TRY 188 billion at the start of 2021, trended downwards up to mid-March and settled on an upward course in the summer and reached its historical peak at TRY 254 billion in July due to the effect of the Eid al-Adha. Banknotes in circulation completed the year at TRY 235 billion (Chart 2.6.1).
By the end of 2021, the value and number of banknotes in circulation increased by 25% and 15%, respectively, compared to the previous year. Over the last decade, the year-end value of banknotes in circulation in Türkiye has increased by an average 16% and the number of banknotes in circulation by an average 10% on a yearly basis (Charts 2.6.2 and 2.6.3).
By 31 December 2021, the number of banknotes in circulation was 2,855 million. As of the same date, the denominations with the highest number of banknotes in circulation were 100 TL and 200 TL banknotes (Chart 2.6.4), which together made up 55.3% 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 (40.3%) and 200 TL (46.9%) banknotes (Table 2.6.1)
Table 2.6.1: Banknotes in Circulation by 31.12.2021
Denomination |
Total Value (TL) |
% of Total Value |
Total Number |
% of Total Number |
200 TL |
94,916,136,700.0 |
40.33 |
474,580,683.5 |
16.62 |
100 TL |
110,417,098,500.0 |
46.91 |
1,104,170,985.0 |
38.67 |
50 TL |
20,371,309,075.0 |
8.65 |
407,426,181.5 |
14.27 |
20 TL |
5,148,196,300.0 |
2.19 |
257,409,815.0 |
9.02 |
10 TL |
2,934,800,255.0 |
1.25 |
293,480,025.5 |
10.28 |
5 TL |
1,589,898,757.5 |
0.68 |
317,979,751.5 |
11.14 |
Total |
235,377,439,587.5 |
100.00 |
2,855,047,442.0 |
100.00 |
In 2021, via its 21 branches, 16 banknote depots, two cash centers, and 30 Decentralized Cash Management (MONY) depots, the CBRT conducted a total of TRY 1,599.8 billion worth of transactions, of which TRY 776.4 billion were lodgements and TRY 823.4 billion were withdrawals.
In this period, on a nationwide basis, branches with the largest shares in the total cash transaction volume were as follows: Istanbul Branch 35.4% (Karaköy Branch 12.1%, Cash Center on the European Side of Istanbul 8.1%, Cash Center on the Anatolian Side of Istanbul 6.1%, and MONY depots 9.1%), Ankara Branch 9.6% (0.5% attached banknote depots and 1.9% MONY depots), and Izmir Branch 8.5% (1.8% attached banknote depots and 1.4% MONY depots).
The CBRT has banknote depots in 16 of Türkiye’s provinces where it does not have branches, serving to improve the physical quality of banknotes in circulation and meet the cash need of the markets through different denominations of banknotes in a timely manner. Through these depots, TRY 94.9 billion worth of collections and TRY 108.6 billion worth of payments were made in 2021. In other words, 12.7% of the CBRT’s total cash transaction volume was performed via these depots last year.
Additionally, four new MONY depots started operating in 2021: three in Ankara and one in Izmir. Thus, the total number of MONY depots reached 30 by the end of 2021. The share of transactions by MONY depots within the total transactions was 25.8% in Istanbul, 19.4% in Ankara and 16.7% in Izmir. Efforts are in progress open MONY depots in other provinces with high cash transaction volume.
Lastly, to enhance efficiency of coin cash management, Consignment Coin Depots (KMPD) were established in various provinces as per the protocol signed between the Postal and Telegraph Corporation (PTT) and the CBRT. In 2021, 75% of the country-wide coin transaction volume of TRY 1.35 billion was made by 13 CCDs established in 11 provinces.
