Istanbul's Grand Bazaar Rocked By Fears Over Fake $50 And $100 Bills

Fears of counterfeit $50 and $100 bills have disrupted foreign-exchange trade at Istanbul's Grand Bazaar, the nation's largest currency trading gray market. Some bureaus at the bazaar have stopped purchasing these bills due to their counting machines' inability to identify the fake notes. The number of counterfeit dollars is unclear, and the process of collecting and verifying the bills can take up to two weeks. Money-counting machines also need to be updated to detect the fake bills. A representative for currency traders disputes the disruption, claiming there's no fake currency in circulation and blaming banks for the issue. According to Mehti Seren, head of the Association of All Authorized Institutions and Foreign Exchange Offices, banks should accept old dollar bills, but currently, none are doing so, causing a clog in the system. The central bank has sent warnings and expert opinions about the fake bills to banking associations, and the Turkish Banks Association is controlling and updating bill counters, bill checkers, and teller machines. The prosecutor's office in Istanbul has launched an investigation into the matter. The counterfeit bills are believed to have entered Turkey from abroad, according to sources cited by Haberturk. The disruption has caused uncertainty and inconvenience for currency traders and clients at the Grand Bazaar.