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OLD TURKISH BANKNOTES TO FUEL MANUFACTURING PLANTS
Where do old banknotes go to die? In Turkey, they go to the cement factory. -EditorThe Central Bank of Turkey will get rid of YTL banknotes, which will gradually disappear from circulation as new TL notes are introduced into the market at the beginning of next year, by delivering them to cement factories for fuel...
The bank used the same method to get rid of notes that were used prior to the launch of the YTL in 2005. According to the central bank's daily banknote emission volume records, cash in circulation carries a total value of YTL 29.4 billion and is estimated to weigh roughly 500 tons.
The bank has limited options to dispose of the old currency. Burying these notes is an option, but is not preferred because it is considered extremely hazardous to the environment. Using the notes as additives in asphalt was another idea, but municipalities were not interested, pointing out that this would only increase costs while not contributing to the quality of the asphalt. Giving old money to cement factories is, on the other hand, a much more feasible and less costly option to pursue and also benefits the manufacturing plants as well.
To read the complete article, see: Old banknotes to fuel manufacturing plants (http://www.todayszaman.com/tz-
Wayne Homren, Editor
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