Banks Step Up Measures to Combat Counterfeit Currency
As efforts to combat counterfeit currency in the banking sector intensify, banks are implementing widespread updates to currency counting machines, ATM machines, and counterfeit currency detection devices. In this context, it has been reported that some banks have stopped accepting $50 and $100 banknotes printed before 2009, while others have refused to accept $50 banknotes regardless of their printing year.
These measures are primarily aimed at preventing the circulation of older printed dollars. Banks will continue to accept only newly printed $100 banknotes until the updates are completed. During this process, it has been observed that some banks are not accepting large amounts of foreign currency in cash, leading to an increase in complaints from customers. Public banks are adopting a more flexible approach regarding this issue, striving to develop solutions to prevent customer grievances.
Some banks have halted purchases
In the banking sector, certain banks have temporarily stopped accepting $50 and $100 banknotes printed before 2009 due to software updates made to currency counting and ATM machines. Consequently, the decision not to accept old banknotes has resulted in banks exclusively accepting newly printed $100 banknotes.
All these developments have resulted in various difficulties for customers in their transactions with banks. Additionally, the refusal of some banks to accept $50 banknotes regardless of printing year seems to particularly affect citizens where currency usage is prevalent.
How to detect counterfeit dollars?
The Central Bank of the Republic of Turkey (CBRT) continues its necessary work in coordination with judicial authorities in order to effectively combat banknote counterfeiting. Furthermore, through the counterfeit banknote monitoring system (CBMS) developed on January 1, 2016, it aims to create a more effective combat environment by closely monitoring banknote counterfeiting.
The CBMS can be used by central units of the General Directorate of Security and the General Command of Gendarmerie, as well as by units in 81 provincial centers of the General Directorate of Customs Protection. This system meticulously tracks counterfeiting incidents and identifies which security features on banknotes have been targeted for counterfeiting. The CBRT's website provides comprehensive information on the steps to take when encountering a banknote suspected of being counterfeit.