Fibabanka’s General Manager, Ömer Mert, highlighted the need for bank notes of higher denomination, explaining that they were facing difficulties in branches due to the current situation. Mert stated that during real estate transactions, entire days were spent counting money in branches, and ATMs were also breaking down from excessive use.
“ATMs are Breaking Down, Counting Money”
Mert emphasized the need for larger banknotes during an interview on Bloomberg HT, where he discussed financial and economic issues. He mentioned that the operational burden had increased significantly, creating serious problems in branches.
“We 100% need larger banknotes. ATMs are starting to break down from counting money, and we are now unable to load certain banknotes into them. Due to the burden of counting money, we direct customers to ATMs, but this is causing serious issues,” Mert explained.
Operational Burden and the Impact of Inflation
The largest banknote currently in circulation in Turkey is the 200 TL note, which is causing difficulties for cash transactions in banks. As inflation has risen, the 200 TL note has become insufficient for large cash payments, increasing the need for higher denominations.
In the banking sector, the increased cost burden related to the lack of appropriate banknotes for ATMs has been a long-standing issue of discussion.
“Counting Money All Day Long”
Mert pointed out that the introduction of new, larger banknotes is not expected in the short term and that this process involves lengthy legal and regulatory requirements. He emphasized that the need for larger banknotes was placing a significant operational burden on banks.
“This is a problem that needs to be resolved in the short term. Sometimes, during real estate transactions in branches, the entire day is spent counting money using multiple machines to ensure accuracy,” Mert added.
