Turkey foiled financial manipulation plots: President

Turkey foiled financial manipulation plots: President
  • Clock-gray 18:33
  • calendar-gray 24 February 2021

Turkey gave no chance to those who wanted to create new financial fluctuations on the back of the coronavirus pandemic, the nation’s president said on Wednesday, APA reports citing Anadolu.

A large part of Central Bank reserves – a subject Turkey’s main opposition asks about “ceaselessly” – were used to protect Turkey from this manipulation, Recep Tayyip Erdogan told a ruling Justice and Development (AK) Party parliamentary group meeting.

"Thanks to this, we foiled the games of those who seek to sow social turmoil by raising [foreign exchange] rates and interests to very high levels," he added.

Erdogan last week said the Central Bank's foreign exchange reserves currently total $95 billion.

Over the last year, the US dollar/Turkish lira exchange rates hovered between 6 and 8.5, but dropped to 7.35 by the end of the year.

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