Issue Policy


Value of Banknotes in Circulation 

The value of banknotes in circulation is the total amount of currency put into circulation by the CBRT.   

The value of banknotes in circulation may vary depending on the factors below: 
  • Economic activity in the country, 
  • Demographics, 
  • Wage and tax payments, 
  • Holidays, 
  • Other lump sum payments or collection periods. 
The CBRT puts into circulation and receives banknotes via its 21 branches, 2 cash centers affiliated to the İstanbul branch and 16 banknote depos. The Central Banks works to make sure that the banknotes in circulation are high-quality and clean. For this purpose, the banknotes received are subject to counting and inspection.


Banknote Printing Program

The CBRT prepares a Banknote Printing Program to arrange banknote printing in the upcoming years. The number of banknotes to be printed and circulated is determined taking into account the following factors:

  • The level that the volume of banknotes is expected to reach at the end of the current year and in the next year depending on developments in macroeconomic indicators such as inflation, growth, exchange rates and interest rates, 
  • The auxiliary storage policy drawn up considering the highest level that the volume of currency in circulation is expected to reach, calculated taking into account holidays and wage payment periods,
  • The amount of old, damaged or mutilated banknotes (ratio of worn-out banknotes). 


Value of Banknotes by Denomination 

An analysis of different studies and country cases on the amount of banknotes by denominations reveals that there is more than one scenario. For instance, when there are more than 6 or 7 denominations, some denominations may go out of use and when there are only a few denominations, there might be problems in cash payments. 

Therefore, while deciding on the banknote composition by denominations, the  CBRT takes into account other countries’ experiences and the factors below:

  • Experiences in the past, 
  • Pricing policy of the retail sector, 
  • Coin utilization habits,
  • Rounding effect.