High inflation spurs demand for 500 and 1000 Turkish lira banknotes

The high inflation in Türkiye has significantly increased the demand for larger denominations of currency.

As of 2024, the demand for the ₺200 banknote, the highest denomination in circulation, has reached a record high of 76%. Also, there are growing calls for the introduction of ₺500 and ₺1,000 banknotes.

Decline in smaller denominations

Conversely, the share of ₺100 banknotes has seen a substantial decline. In 2021, ₺100 notes accounted for 50% of the banknotes in circulation. However, this share has dropped to 19% in 2024, marking the lowest level for this denomination.

The combined share of the two largest banknotes, ₺200 and ₺100, now constitutes 95% of the total currency in circulation.

In 2017, ₺200 notes comprised 25% of the currency in circulation, showcasing a steady increase over the years.

Potential introduction of new denominations

Amid ongoing high inflation, there are growing calls for the introduction of ₺500 and ₺1,000 banknotes.

The need for higher denomination banknotes is determined through technical analyses, and our units are currently working on this matter. Any decision will be transparently shared with the public

Governor of the Central Bank of the Republic of Türkiye (CBRT) Fatih Karahan

ATM withdrawal limits adjusted

In recent weeks, there have been adjustments in ATM withdrawal limits to accommodate the higher currency needs. The daily withdrawal limit has been increased from ₺10,000 to ₺20,000. Additionally, some banks have raised their fee-free withdrawal limits from ₺7,500 to ₺15,000. Furthermore, the use of ₺20 banknotes in ATMs has been discontinued, reflecting the shifting demand toward higher denominations.

While the current 76% share for ₺200 banknotes is substantial, it is not unprecedented. For instance, in 2004, the highest denomination at the time accounted for 85% of the currency in circulation.