2.6 Banknotes in Circulation

The value of banknotes in circulation, which was TRY 449 billion at the start of 2024, reached its historical peak at TRY 681 billion in June on the back of a gradual upward trend, and completed the year at TRY 645 billion (Chart 2.6.1).

By the end of 2024, the value and number of banknotes in circulation had increased by 44% and 23%, respectively. Over the last decade, the year-end value of banknotes in circulation in Türkiye has increased by an average 23% and the number of banknotes in circulation by an average 14% on an annual basis (Chart 2.6.2).

As of December 31, 2024, the number of banknotes in circulation was 5.1 billion. At the end of 2024, the two denominations with the highest number of banknotes in circulation were TRY 200 and TRY 100 banknotes, respectively, which together made up 68.9% of all the notes in circulation. As measured by value, the two denominations commanding the biggest shares of the total were also TRY 200 (81.3%) and TRY 100 (14.3%) banknotes.

In 2024, via the CBRT’s 21 branches, 16 banknote depots, and one cash center as well as 45 Decentralized Cash Management (MONY) depots responsible for banknote custody and processing on behalf of the CBRT, a total of TRY 5.8 trillion worth of transactions were conducted, TRY 2.8 trillion of which were collections and TRY 3 trillion were payments (Chart 2.6.3).

In this period, on a nationwide basis, branches with the largest shares in the total cash transaction volume were the Istanbul Branch (37.6%), the Ankara Branch (12.2%), and the Izmir Branch (8.5%).

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 market through different denominations of banknotes in a timely manner. Through these depots, TRY 325.2 billion worth of collections and TRY 371.6 billion worth of payments were made in 2024. In other words, 11.9% of the CBRT’s total cash transaction volume was performed via these depots.

Additionally, seven new MONY depots – four in Istanbul and one in Izmir, Bursa and Adana each – started operating in 2024. Thus, the total number of MONY depots reached 45 by the end of 2024. The share of transactions by MONY depots within the total transactions in the related provinces was 48.2% in Istanbul, 31.8% in Ankara, 28.7% in Izmir, 14.8% in Bursa, 7.1% in Adana, and 6.8% in Izmit. Efforts are in progress to open MONY depots in other provinces with high cash transaction volume.

Lastly, including the new Consignment Coin Depot (CCDs) opened in Denizli in 2024 as per the protocol signed between the PTT and the CBRT to enhance the efficiency of coin cash management, a total of 14 CCDs in 12 provinces continued their operations. In 2024, 75.2% of the country-wide coin transactions amounting to TRY 1.4 billion was made by these CCDs.