"Currency exchange offices and jewelers taking advantage of counterfeit dollars."

The Istanbul Chief Public Prosecutor's Office for Smuggling, Narcotics, and Economic Crimes Investigation Bureau took action following claims that counterfeit $50 and $100 banknotes printed abroad were being circulated in Istanbul, causing some currency exchange offices in the Grand Bazaar to stop buying dollars. The prosecutor's office initiated an investigation ex officio to examine the issues of counterfeiting and distribution of fake money.

OPPORTUNISTS HAVE EMERGED

As the development made a big splash and trading came to a halt due to the counterfeit dollars released into the market, opportunists emerged. They increased the commission by 10-30%, dropping the dollar exchange rate from 34.53 lira to as low as 25 lira. Some jewelers and currency exchange offices are calculating the current dollar rate of 34.53 TL at 30 TL. In fact, there are even those who have gone so far as to drop the rate to 25 TL without any limits on opportunism.

Citizens reacting to the exploitation of this situation say, "I bought dollars two years ago. When I want to sell, they offer a low price citing the counterfeit dollar issue. However, the counterfeit dollar problem has been around for two months. Yet, they are trying to profit by being opportunistic," they say.

THEY ARE BUYING IN THE GRAND BAZAAR

An employee of a currency exchange office stated that the dollar is bought and sold with a 6 kuruş difference, saying, "For example, right now we are buying at 34.53 and selling at 34.59. However, we are not taking risks by buying and selling $50."

The currency exchange employee, who mentioned that there are those who buy $50 banknotes in the Grand Bazaar, summarized the opportunism there as follows: "There are people here with better eyesight than money counting machines. They can distinguish between the fake and the real dollar at a glance. It was not the money counting machines that realized these banknotes were fake; it was them. Those who have real $50 bills and want to sell go to the Grand Bazaar."

"If they have an urgent need and have to sell, they fall into the hands of opportunists. Because right now, they are buying at a price that is 10 to 30 percent lower. $50 banknotes are being sold for 30 TL. There are even those who buy for 25 TL."

IT WILL BE UPDATED WITHIN TWO WEEKS

Currency exchange offices and jewelers stated that the counterfeit currencies printed abroad cannot be distinguished by money counting machines and are expecting an update for these machines.

ATMs ARE ALSO BEING UPDATED

Regarding counterfeit banknotes, the Turkish Banks Association stated, "In order to combat counterfeit currency and prevent its circulation, controls and updates of money counting, counterfeit currency control, and ATM machines in use are being carried out." The Central Bank, stating that they are coordinated with judicial authorities, provided the following information: "Necessary guidance has been provided to take measures against counterfeiting in the technological infrastructure."

SERVICES HAVE BEEN LOCKED

According to a report in Sabah newspaper, a service employee from a company selling money counting machines said, "Our phones have not stopped ringing for the past month. We are working on the update. A counterfeit dollar has been produced that is very close to the real one. We cannot upload the updates without fully solving this problem. Our work is ongoing," they stated.