Turkish bankers refilling ATMs three times a day as Erdogan resists printing bigger banknotes

By bne IntelliNews November 26, 2024

Turkish banks are having to refill ATM machines three times a day with 100 and 200 lira banknotes, local business daily Ekonomi reported on November 18.

At the Grand Bazaar in Istanbul, heavy-duty trolleys and makeshift suitcases line the alleys outside foreign-exchange shops, readied for the transport of increasing volumes of banknotes required to trade, Bloomberg reported on November 19.

In October, Omer Mert, general manager of small-cap Fibabanka, told BloombergHT during a televised interview that ATM machines often broke down due to the sheer volume of work they must endure in counting out money.

As of September, 80.4% of the banknotes in circulation were 200-lira, the largest available banknote, due to the hyperinflation seen in Turkey across recent years.

Turkish President Recep Tayyip Erdogan, seen as proud of a move he made in the early years of his two-decade rule to remove zeroes from lira values, is said by critics to not want to consider requests for larger banknotes to be introduced in Turkey to address the hyperinflationary effects causing headaches including bust ATMs.

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