Payments

Turkey needs bigger denominations for ATMs

October 28, 2024

Turkish banks are seeing a shortage of higher denomination banknotes at ATMs due to inflation. Omer Mert, CEO of Turkish bank Fibabanka, said there is an urgent need for cash in ATMs, according to a report by duvaR.english.

"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," Mert said in the report.

Turkey currently has a monthly inflation rate of 2.97% as of September 2024. There are currently no new plans to issue new banknotes.