Turkish markets flooded with 600 million in counterfeit cash
10 December 2024
In recent weeks, an undetermined number of counterfeit $50 and $100 bills, as well as €50 and €100 notes, have reportedly entered circulation in Türkiye. These counterfeit notes are so sophisticated that they can evade detection by cash counting machines, verification devices, and even ATMs. An investigation has been launched, uncovering numerous incidents in tourist-heavy provinces.
Estimates suggest that $600 million worth of counterfeit notes are in circulation, with some fearing the figure could exceed $1 billion. In response, many currency exchange offices have halted transactions, and leading banks have announced they will no longer accept foreign currency issued before 2009.
 | Yakup Can Yargıç In a recent operation in Istanbul, authorities seized 3.6 million in counterfeit euros from a residential property. Meanwhile, the UK has issued a warning to British nationals travelling to Türkiye about the prevalence of counterfeit dollars. The investigation continues, and several individuals have been taken into custody. |
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