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The value of banknotes in circulation, which was TRY 232 billion at the start of 2022, trended upwards and reached its historical peak at TRY 342 billion in December (Chart 2.6.1).
By the end of 2022, the value and number of banknotes in circulation increased by 45% and 24%, 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 19% and the number of banknotes in circulation by an average 12% on an annual basis.
By 31 December 2022, the number of banknotes in circulation was 3.5 billion. At the end of 2022, the two denominations with the highest number of banknotes in circulation were TRY 100 and TRY 200 banknotes, which together made up 60.4% 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 TRY 200 (56.6%) and TRY 100 (34.4%) banknotes.
In 2022, via its 21 branches, 16 banknote depots, two cash centers, and 35 Decentralized Cash Management (MONY) depots responsible for banknote custody and processing on behalf of the CBRT, a total of TRY 2.9 trillion worth of transactions were conducted, TRY 1.4 trillion of which were collections, and TRY 1.5 trillion were payments.
In this period, on a nationwide basis, branches with the largest shares in the total cash transaction volume were as follows: Istanbul Branch 40% (Karaköy Branch 11.9%, Cash Center on the European Side of Istanbul 12.9%, Cash Center on the Anatolian Side of Istanbul 5.8%, and MONY depots 9.3%), Ankara Branch 9.9% (0.4% attached banknote depots and 2.7% MONY depots), and Izmir Branch 7.8% (1.6% attached banknote depots and 1.6% 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 143.4 billion worth of collections and TRY 177.5 billion worth of payments were made in 2022. In other words, 11% of the CBRT’s total cash transaction volume was performed via these depots last year.
Additionally, six new MONY depots started operating in 2022: one in Ankara, two in Bursa, two in Istanbul and one in Izmit. Thus, the total number of MONY depots reached 35 by the end of 2022. The share of transactions by MONY depots within the total transactions was 23.2% in Istanbul, 27.4% in Ankara, 20.3% in Izmir, 7.6% in Bursa and 4.3% in Izmit. Efforts are in progress to open MONY depots in other provinces with high cash transaction volume.
Lastly, to enhance efficiency of coin cash management, Consignment Coin Depots (CCD) that were established in 11 provinces as per the protocol signed between the Postal and Telegraph Corporation (PTT) and the CBRT continued to operate. In 2022, 75.8% of the country-wide coin transaction volume of TRY 1.15 billion was made by 13 CCDs established on a nationwide basis.
