Turkey Prepares to Issue 500 Turkish Lira Banknotes to Address Economic Challenges

According to recent economic reports, the Central Bank of the Republic of Turkey (TCMB) is preparing to introduce new 500 Turkish Lira banknotes in 2025 as a measure to cope with exchange rate fluctuations and rising living costs.

Professor Dr. Şenol Babuşçu, the former Deputy General Manager of Ziraat Bank, stated, "2024 saw the highest use of 200 Turkish Lira banknotes. With the introduction of the new denomination, the market will experience a significant shift in cash transactions."

Experts believe that the issuance of these banknotes could alleviate financial burdens for citizens, especially amid increasing demand for cash withdrawals and the depreciating value of the local currency. However, the Central Bank has yet to release an official statement on this matter.

This move comes as Turkey faces growing economic challenges that affect both individuals and investors, with discussions on its impact on the Turkish economy ongoing.

Source: Turkey Urgent