Turkey faces $600 million fake currency crisis
Turkey is facing a major crisis with counterfeit $50 and $100 bills circulating, estimated at around $600 million. The fake currency is so advanced that even banknote counting machines and ATMs are unable to detect it. As a result, foreign exchange transactions have come to a halt, particularly in key markets like Istanbul’s Grand Bazaar. Currency exchange offices and banks have stopped buying these bills, leading to widespread anxiety among citizens and businesses.
The issue is not confined to Istanbul; it has spread to other cities, with the Association of Authorized Establishments and Foreign Exchange Offices (TÜYEMDER) confirming reports of counterfeit money circulating nationwide.
Efforts to update currency counting machines have proven insufficient, and the situation is expected to continue for some time. Meanwhile, many individuals, fearing further losses, have shifted their investments to gold, driving up gold prices.
In response, many exchange offices have posted signs refusing to accept $50 and $100 bills. Banks have also been accused of selling fake dollars to customers after they pass through their machines, further exacerbating the crisis. The situation remains unresolved, with experts waiting for updates from abroad to address the counterfeit issue. (sözcü)
