Turkey is grappling with a counterfeit dollar scandal, with an estimated $600 million in fake banknotes in circulation. The situation has severely impacted currency exchange activities and raised alarms at the Central Bank. Jewelers report a significant drop in dollar transactions, with machines failing to detect the counterfeit bills. Exporters are particularly affected as some banks refuse to exchange foreign currencies, jeopardizing their ability to pay employee salaries. The government has detained five suspects and vowed to tackle the issue while the Central Bank develops technology to combat fraud.

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