Turkish Banks Prepare to Stop Distributing Small Banknotes

Turkish banks are preparing to bid farewell to small denomination banknotes of 10 and 20 lira from ATMs.

Media outlets reported that in a surprising move, Turkish banks are gearing up for a major change in ATMs, where they will cease to distribute small denomination banknotes of 10 and 20 Turkish lira.

The reasons behind this decision are as follows:

1. Inflation control: It is believed that this decision aims to assist in combating the increasing inflation in Turkey, as reduced circulation of small banknotes will lead to a reduction in printing and transportation costs.

2. Cost reduction: Banks also aim to reduce operational costs by minimizing the frequency of refilling ATMs with small denomination banknotes.

3. Promotion of digital transactions: This decision may also be part of a broader strategy to promote digital transactions, as banks encourage customers to use credit and debit cards instead of cash.

4. Impact on customers: Difficulty in obtaining small cash: Some customers may face difficulty in obtaining small banknotes, especially if they heavily rely on cash for their daily transactions.

5. Increased use of credit and debit cards: Customers may be forced to use credit and debit cards more frequently, leading to increased transaction fees.

6. Need for adaptation to change: Customers will need to adapt to this new change in how they obtain cash.

Media reports emphasized that official confirmation is awaited, as Turkish banks have not issued any official announcement regarding this change so far.

It is important to monitor developments to learn more about the implementation date and the impact of this decision on customers.

Customers will need to adapt to this new change in how they obtain cash by relying more on digital transactions or using debit cards.