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Currency in circulation, a.k.a ‘M Zero’ (M0) increased seven times in the past three years. It tripled in 2020, its growth rate slowed a little in 2021, and accelerated again in 2022. The size of the lira M0 becomes less dramatic when expressed in fresh dollars at the parallel market rate. M0 declined from $4.6 billion at the end of 2019 to around $1.7 billion at the end of November 2022.