Turkish Banks Scramble to Counter Counterfeit Dollars

Turkish authorities are conducting checks on currency exchanges and cash dispensers to combat the circulation of counterfeit U.S. dollars. The central bank is collaborating with judicial authorities to address the issue, while banks have stopped accepting certain dollar bills. An investigation is underway.

In response to the surge in counterfeit U.S. dollars, Turkish authorities have begun a comprehensive examination of currency exchanges and cash dispenser machines. This initiative aims to prevent damage to the nation's financial systems.

The central bank is partnering with judicial authorities, having distributed a detailed report to banks following an assessment of the counterfeit notes. Although the exact amount of fake currency in circulation remains unknown, many banks and foreign exchange offices have ceased accepting some dollar bills.

Sources indicate that the $50 and $100 bills are the primary concern, as current detection machines fail to identify them as counterfeit. To counteract this, the Turkish Banking Association announced updates to cash counting and ATM machines. Additionally, Istanbul's prosecutor's office has initiated an investigation, as reported by broadcaster NTV.

(With inputs from agencies.)