200 TL Dominates Turkish Currency Circulation as Lira’s Value Plummets
Turkish Lira
Soaring inflation and the erosion of the Turkish lira’s purchasing power have profoundly reshaped the nation’s currency structure. The once diverse mix of banknote denominations is now overwhelmingly dominated by 200 TL notes, which make up over 85% of total cash in circulation. Meanwhile, smaller denominations are rapidly disappearing from the market.
200 TL Becomes the De Facto Currency in Daily Transactions
As of June 2025, data from the Central Bank of the Republic of Türkiye (CBRT) reveals that 200 TL banknotes now account for a record 85.3% of the total ₺805.9 billion in circulation. This marks a dramatic rise from just a year earlier, when their share was 76.99%.
In contrast, the share of 100 TL notes fell to 11.17%, down from 17.59% a year prior. Smaller denominations, including 50 TL, 20 TL, 10 TL, and 5 TL, now collectively represent a mere 3.53% of the cash supply.
A 10-Year Shift: From 100 TL Dominance to 200 TL Monopoly
In June 2015, 100 TL notes were the most commonly circulated, making up 50.54% of the total, while 200 TL notes held just 28.23%. Over the last decade, the lira’s value erosion flipped the currency hierarchy, making 200 TL notes the default denomination for most purchases.
12-Fold Price Increase for Basic Goods Since 2015
A striking comparison underscores the depth of Türkiye’s currency devaluation: a basket of essential goods that cost ₺200 in 2015 now costs ₺2,414—requiring 12 notes of 200 TL to purchase the same items. This reflects a 1,100% price surge over 10 years and highlights the severe inflationary impact on consumer purchasing power.
Real Value of the Lira Nosedives
The real effective exchange rate (REER), based on the Consumer Price Index (CPI), further confirms the lira’s dramatic loss in global value. The REER dropped to 69.97 in June 2025, compared to 99.63 in 2015, marking a 30-point decline. Similarly, the Producer Price Index (PPI)-based REER fell to 92.71, reinforcing the scale of the currency’s depreciation.
Tight Monetary Policy Fails to Offset Declining Purchasing Power
Despite the implementation of tight monetary policies post-2023, the Turkish lira’s shrinking real value continues to drive demand for higher-denomination banknotes. Consumers are increasingly reliant on 200 TL notes, not for luxury purchases—but for routine transactions once covered by smaller bills.
