Banks, exchange offices halt dollar transactions in Türkiye over counterfeit alarm
Stacks of $100 banknotes. (AA Photo)
Turkish banks and exchange offices have suspended transactions involving $50 and $100 banknotes following allegations of $600 million in counterfeit U.S. currency circulating across the country.
Counterfeit dollar banknotes are estimated to have been circulating in Türkiye for about six weeks, especially in Istanbul and Ankara, creating widespread concern in the banking and exchange sector.
Many banks and exchange offices reported that outdated cash-counting machines failed to detect counterfeit banknotes, prompting financial institutions to halt transactions.
However, some exchange offices are said to accept the banknotes with added commission fees.
The Banks Association of Türkiye (TBB) also warned banks about fraudulent schemes involving counterfeit $50 and $100 banknotes.
Explaining the situation to Turkish publication sozcu.com.tr, Mustafa Unver, a board member of the Association of All Authorized Institutions and Exchange Offices, confirmed that discussions are ongoing with the Banking Regulation and Supervision Agency and the Ministry of Treasury and Finance.
“This issue is not confined to Istanbul; it has spread to other provinces. Although we’ve updated our cash counting machines, it hasn’t been enough. As these machines are imported, we’re waiting for further updates from abroad,” Unver added.
How to identify counterfeit dollar notes
Turkish police have highlighted key features to help distinguish genuine $50 and $100 banknotes from counterfeits:
- Microprinting on $50 bills: Authentic $50 notes feature micro-printed text, such as “The United States of America,” around the portrait’s three-lined frame. In the 2004 series, “USA 50” and “USA FIFTY” are microprinted with two stars near the Federal Reserve seal.
- Color-shifting ink: On genuine $50 bills, the “50” shifts from green to black when tilted. For the 2004 series, the “50” transitions from copper to green when the note is moved up or down.
- Security thread on $100 bills: The most reliable way to verify a $100 bill is by checking the embedded security thread under light. Genuine notes show “USA HUNDRED” on both sides of the thread.
Authorities emphasize the importance of closely inspecting these features to detect sophisticated counterfeit U.S. currency.
