Turkish economists talked about the need to pump banknotes of large denominations into the Turkish economy, at a time when the authorities are struggling to cope with inflation.
Al-Jumhuriya newspaper wrote on Monday that Turkish economists had announced the need for banknotes in denominations of 500 and 000 lira (equivalent to 26 and 51 dollars) to put them into circulation because the current largest 200-lira banknote has lost much of its value since 2009, equivalent to about 10.5 dollar.
Economists estimate that the 200 Turkish lira banknote, which is the largest banknote in Turkey today, has lost about 647% of its value since 2009, when it entered circulation.
The newspaper indicated in a report: “As for the consumer basket, which was filled at that time (2009) with 200 Turkish liras, today the person needs to pay 1495 Turkish liras (more than 77 US dollars).”
Turkey’s inflation rate now in annual terms is about 50%, and by 09:30 Moscow time, the dollar was trading at 19.33 lira to the dollar.
This article was originally published by RT.