MB broke the record for printing money

The Central Bank (MB), which could not achieve success in the fight against inflation, found the solution by printing money. When the Central Bank’s banknote printing press operated day and night, the increase in the number of banknotes on the market reached 24 percent, doubling the average of the last 10 years.

The volume of emissions has also increased almost 2.5 times in one year. As inflation reduced the value of money, the Central Bank concentrated on printing 200 TL notes. Approximately 5 out of 6 notes printed throughout the year were 200 TL notes.

The pockets of the citizens were filled with 200 TL notes, which had reduced their purchasing power and turned into coins. According to the 2022 Annual Report of the Central Bank, when 2022 entered the market, there were 2,855 million banknotes.

The number of these banknotes, consisting of denominations of 200, 100, 50, 20,10 and 5 TL, increased to 3.54 billion by the end of the year. In other words, the Central Bank printed and released 685 million new banknotes in one year.

WORKERS FOR 200 TL

The banknote printer spent almost all his time printing 200 TL last year. Of the 685 million new banknotes printed, 565 million were large banknotes, of which 493 million were 200 TL and 72 million 100 TL.

Only 120 million copies of 50, 20, 10 and 5 TL banknotes were printed, which are now almost worthless. In the last year, the market share of the 200 and 100 TL notes increased from 55 to 61 percent; its share of the stock also jumped from 40.3 percent to 56.6 percent. In other words, the citizen had to carry 200 TL and 100 TL in his pocket to buy his basic necessities, the price of which is increasing day by day.

NO PAPER AND INK

When the Central Bank operated the banknote printing house day and night to print money, the expenses it made for the purchase of banknote paper and ink increased by 92 percent, that is, almost doubled, and jumped to 508 million lira. The Center’s general operating expenses, which were also negatively affected by price increases in the market, multiplied by 3.7 in one year to 740 million. The large expenses incurred in the scope of the move to Istanbul were effective in this increase. The increase in the Center’s salary expenses also reached 72 percent.