200 lire took flight!
While the value of TL is falling rapidly with inflation exploding as a result of the policies implemented by the government, the number of 200 TL notes in circulation is increasing at an astronomical rate.
According to the data of the Central Bank (CBRT), the number of 200 TL banknotes on the market, which was 607 million 139 thousand at the end of May last year, exceeded 1 billion 179 million at the end of May this year. In just one year, the rate of increase in the number of 200 TL banknotes reached 94 percent.
The 200 TL note, which began to enter wallets on January 1, 2009, began to multiply rapidly in 2022, when inflation exploded. In January 2022, there were 474,200 banknotes on the market, and this figure had reached 966 million lire by the end of the year. In the first 5 months of the year, the number of 200 banknotes on the market increased.
According to the data, there are 200 banknotes worth 235.966 million lira on the market. Citizens who withdraw money from the ATM take their hand with 200 brand new lira in series. The number of 100-lira bills in circulation is 121.46 billion lira, and the 50-lira bill is 21.333 million lira.
IN THE PRESIDENTIAL SYSTEM HE MADE 6 FOLDS
As of the end of May 2023, the most popular banknote on the market is the 100 TL banknote with 1 billion 214 million units, but the second 200 TL banknote is catching up quickly.
The number of 200 TL banknotes, which was 180 million in June 2018 when the presidential system of government was introduced, has almost doubled in the past five years.
After the transition to the presidential system of government, the AKP government left the fight against inflation off the agenda and put economic growth at the forefront, which it considered beneficial for the elections, so it preferred to reduce interest rates despite of rising inflation. . As a result, even official inflation hit 85.5 percent in October 2022, hitting a 24-year high.
FROM WHERE TO WHERE…
gold account: On January 1, 2009, about 5 grams of gold could be bought with 200 TL. Today, 7,200 TL banknotes are not enough to buy 1 gram of gold.
Account in dollars: On January 1, 2009, it was possible to buy 200 TL for approximately $132. Today, it’s only available for $8.5.
Euro account: On January 1, 2009, it was possible to buy 200 TL for approximately 94 euros. As of today, it can only be purchased for 7.85 euros.
gasoline bill: On January 1, 2009, 73.5 liters of gasoline could be bought with 200 TL. Today, only about 9 liters of gasoline can be bought.
It has recently been claimed that new 500 or 1000 lira notes will be printed when the higher denomination note, which becomes stamps, becomes insufficient due to rising inflation.
The increase in the number of banknotes in circulation is an indicator of inflation. The lower the purchasing power, the higher the number of banknotes in circulation.
Former Treasury and Finance Minister Nureddin Nebati rejected claims for 500 and 1000 lira notes.