Turkey Introduces New Currency Denomination in Response to Inflation (Photo)

Turkish media reported that the new finance minister Mehmet Simsek is going to introduce a new denomination of the Turkish currency.

Accounts circulating on the social networking site Twitter show an image showing the original design of the 500 Turkish lira denomination. Shimshak is expected to release it soon, in line with current inflation rates and the lira’s exchange rate against the dollar.

This decision is in line with the current rate of inflation and the exchange rate of the lira against the dollar. There was also a significant decline over the past week, with the exchange rate hitting £23.40 to the dollar.

Large notes can reduce the amount of money circulating in an economy, and they can also be used to meet demand and ensure banks don’t run out of cash.

Economists have suggested that the depreciation of the lira will be a clear sign of moves towards a more liberal market, as promised by Turkey’s new finance minister, who confirmed that his country had no choice but to return to rationality, given that the Turkish economy is based on rules and predictability and will be the key to achieving the desired luxury.

Source: “Milli Newspaper”

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