Turkish Bank CEO: Larger banknotes needed as ATMs break counting cash due to inflation

Fibabanka CEO Ömer Mert stated that Turkey urgently needs higher-denomination banknotes, as inflation has been causing ATMs to malfunction during cash counting.

Tuesday October 22 2024 10:11 pm

Duvar English

Fibabanka CEO Ömer Mert has said in an interview with television channel Bloomberg HT that Turkey urgently needs higher-denomination banknotes.

The CEO of Fibabanka, a privately owned deposit bank with 40 branches, stated that they have been facing significant challenges in branches due to a substantial increase in operational workload.

Mert stated, "There is a 100% need for higher-denomination banknotes. ATMs have started breaking down from counting money, and we cannot even load some banknotes anymore. We direct customers to ATMs due to the burden of cash counting in branches, but this also causes significant problems."

He noted that there were no plans to issue new banknote, emphasizing that the process is lengthy and legal regulations take time, creating a significant operational burden.

"Sometimes, when a property sale takes place, it takes the entire day to count the money using multiple machines," the CEO added.

Turkey's official statistics institution reported a monthly inflation rate of 2.97 percent in September, with the annual inflation rate dropping to 49.38 percent.