"Fake Dollar Crisis in the Markets"

Turkey is now shaken by a counterfeit dollar crisis. Claims that there are counterfeit 50 and 100 dollar bills worth 600 million dollars in the market have stirred up the situation. With the circulation of these bills, which even money counting machines and ATMs cannot distinguish, exchange offices and banks have stopped purchasing 50 and 100 dollar banknotes.

"WE UPDATED THE MACHINES BUT IT WAS NOT ENOUGH"

According to Sözcü's news, one of the tradesmen in the Grand Bazaar, Hüseyin Çilrin, described the unease with the following words: "Right now, we are not accepting 50 dollars at all. As for the 100 dollars, we are not accepting the old white 100 dollars. For the last 20 days, there has been a large stock of counterfeit money circulating in the market. We updated the machines, but it still wasn't enough; we are waiting for new updates," he said.

"EVERYONE IS WAITING NERVOUSLY"

Another tradesman, Mehmet T., stated, "This situation seems like it will last longer. Currency exchange has completely stopped because a person brings 500 thousand dollars. When we don't accept only the 50 and 100 dollar banknotes, the person naturally gives up selling all the money. The bazaar is empty; everyone is waiting nervously," he said.

SPREADING TO MANY CITIES

The umbrella organization of exchange offices, the Association of All Authorized Institutions and Exchange Offices (TÜYEMDER), stated that they are in discussions with the Banking Regulation and Supervision Agency (BDDK) and the Ministry of Treasury regarding the issue. Mustafa Ünver, a board member, said they have received reports that there is counterfeit money worth 600 million dollars in the market, adding, "It's not limited to Istanbul; it has spread to many provinces. We updated our money counting machines, but it was not sufficient. Since these machines are imported, we are also waiting for updates from abroad," he said.

Exchange office tradesmen stated that citizens looking to invest have turned to gold due to the fear of counterfeit currency, saying, "That's why gold prices have increased."

"BANKS DO NOT BUY BACK THE DOLLARS THEY SOLD"

TÜYEMDER board member Mustafa Ünver said, "Banks do not buy back the dollars they sold, which puts citizens in a difficult position. Banks need to take initiative here." Tradesman Cengiz S. also said, "Banks have stopped buying right now, but this money has entered the market; there is nothing to be done. They will wait for a month at most and then start buying again; it's already too late."

"WE ARE TURNED AWAY FROM THE DOOR OF EXCHANGE OFFICES"

Citizens wanting to sell their currency are also in a panic. Serdar Yağmur, one of the citizens turned away from the exchange office, said, "We want to sell not to get rid of it, but because we need it. It's not a lot of money, but we haven't been able to sell since this morning; we can't meet our needs. We will have to wait," he said.

"PURCHASE OF 50-100 DOLLAR BANKNOTES IS NOT BEING MADE"

There is an eerie silence and unease in the Grand Bazaar. The bazaar tradesmen have halted currency traffic due to this unease and have put up signs stating, "Purchase of 50-100 dollar banknotes is not being made."

There is also panic over counterfeit dollars in Kuyumcukent, the heart of jewelry exports. A tradesman who imports money counting machines said, "Just when we thought we had dealt with the 50 dollar crisis, the 100 dollar issue arose. We are updating the software of the machines, but new ones that are very close to the real ones are being produced rapidly. We have encountered counterfeits in the PB, MA, LK, and PL series," he said.

A tradesman explained that approximately 200 thousand dollars in counterfeit money went unnoticed at a bank in Kuyumcukent because it passed through the machine, but the bank continued to sell it to citizens, saying, "It passes through my machine; I will sell it." He added, "Since exchange offices are not buying right now, we are adjusting the machines so that they do not count the white 100 dollars," he said.