There has been ongoing curiosity about whether new banknotes will be introduced. Previously, Central Bank Governor Fatih Karahan stated that there were no plans for 500 and 1000 TL banknotes. However, he has now revealed that technical analyses and studies are being conducted. Karahan mentioned, “Our units are working on this issue, and our investigations are ongoing.”
During his presentation to the Grand National Assembly of Turkey’s (TBMM) Planning and Budget Committee, Karahan answered questions from parliament members. Addressing the frequently discussed topic by economists concerning the depreciation of the Turkish lira and the anticipated issuance of 1000 TL and 500 TL banknotes, Karahan said, “In this context, we are closely monitoring the composition of denominations as you suggested, along with other various indicators.”
Is There Work on 500 and 1000 Lira Banknotes?
Karahan explained, “The need for higher denomination banknotes is determined based on technical analyses, and our units are working on this, with our investigations continuing. When a decision is made, it will be shared with the public transparently.”
Response to Minimum Wage Question
Karahan also addressed questions about the minimum wage, emphasizing that the Central Bank is not the deciding authority on this matter. He stated, “When we conduct inflation targeting, we naturally have to make some assumptions while determining our estimates and targets. The minimum wage is one of these considerations, but it should be thought of more generally. We have based our assumptions on previous announcements, which indicated there would only be a single increase. Our forecasts were made with this in mind, and we shared them with the public transparently. This is the extent of it, nothing beyond that.”
