I saw the news Probe launched into counterfeit dollar banknotes in Turkish market and i heard that even in the famous Grand Bazaar circles, store owners refrain from trading with cash dollars. The amount is supposed to be big!
Recent reports indicate a significant rise in counterfeit U.S. dollar banknotes, particularly $50 and $100 denominations, circulating within the Turkish market. These counterfeit notes are of such high quality that they can evade detection by outdated money-counting machines and ultraviolet (UV) light checks.
The Turkish Banking Association (TBB) has alerted financial institutions to this issue, prompting banks to instruct their staff to exercise increased caution during physical dollar transactions. Some banks and currency exchange offices have even halted accepting certain dollar bills due to the proliferation of these sophisticated counterfeits.
Authorities believe that these counterfeit banknotes are primarily produced in regions such as the Middle East, Asia, and the Balkans, with Istanbul’s Grand Bazaar identified as a key distribution point. The Istanbul Chief Public Prosecutor’s Office has initiated an investigation into the matter to address the growing concerns.
In response, Turkish authorities are conducting comprehensive examinations of currency exchanges and cash dispensers to mitigate potential damage to the financial system. The Central Bank of the Republic of Türkiye is collaborating with judicial authorities to tackle the issue, and efforts are underway to update cash counting and ATM machines to detect these advanced counterfeits more effectively.
This situation underscores the importance of vigilance among both financial institutions and the public to prevent the circulation of counterfeit currency and protect the integrity of financial transactions.
Discover more from Erkan's Field Diary
Subscribe to get the latest posts sent to your email.