Fake Dollar Statement: Central Bank and Banking Association Break Their Silence

In response to recent issues with counterfeit dollars not being accepted by currency exchange offices, the Central Bank of Turkey (TCMB) and the Turkish Banks Association (TBB) have issued statements. The TCMB’s statement mentioned, “Expert reports prepared by our Bank regarding counterfeit banknotes have been shared with both judicial authorities and the banking sector, including the Turkey Banks Association and the Turkey Participation Banks Association, in order to alert them.”

The TBB also stated, “To combat fake currency and prevent its circulation, necessary checks and updates are being made on currency counting machines, counterfeit currency detectors, and ATMs.”

Recently, currency exchange offices and banks have started rejecting old 50 and 100 dollar banknotes. These fake dollars, allegedly originating from abroad, are said to have a volume of around 600 million dollars. In response to this, the Central Bank of Turkey (TCMB) and the Turkish Banks Association (TBB) have addressed the issue publicly.

The TCMB’s statement read as follows: “Our Bank is working closely with judicial authorities to combat counterfeit banknotes effectively. In this context, counterfeit foreign currency notes, which have been circulating in the market recently, were sent to our Bank by the judicial authorities for expert report preparation. The expert reports on these counterfeit notes have been shared with the judicial authorities as well as with the banking sector, including the Turkey Banks Association and the Turkey Participation Banks Association, in order to alert them. Additionally, necessary guidance has been provided to take precautions against counterfeiting in the technological infrastructure.”

TBB: Updates Are Being Made

The Turkish Banks Association (TBB) emphasized that checks are being conducted and said in its statement: “There have been reports of increased circulation of counterfeit foreign currency notes in the market recently. In order to combat counterfeit money and prevent its circulation, necessary checks and updates are being made on currency counting machines, counterfeit currency detectors, and ATMs. The banking sector is working closely with the relevant public institutions to ensure the healthy and uninterrupted continuation of economic activities, protect customers’ rights and interests, and complete the necessary efforts to combat counterfeit money effectively.”