May 25 2018

Opposition demands investigation of transactions during lira slide

The main opposition Republican People’s Party (CHP) deputy chair Aykut Erdoğdu on Friday called the Financial Crimes Investigation Board of Turkey (MASAK) to investigate exchange rate transactions made amid the panic over the rapid decline in the value of the lira on Wednesday, Duvar reported.

Erdoğdu accused the Turkish government of being late in taking measures, noting that the Turkish central bank waited until Wednesday evening to raise its key interest rate by 300 basis points to 16.5 percent, after the lira slumped to a record low against the dollar.

“We want MASAK to investigate foreign exchange purchases and sales that took place during that period. We want MASAK to identify those who profited from changes in the exchange rate by buying or selling considerable amounts of foreign exchange,” Erdoğdu said.

Erdoğdu noted that the government had accused shadowy foreign powers of playing games against the country through the U.S. dollar and added that MASAK’s investigation would help to determine who those shadow forces were. 

“We want those who talk of 'the games played by external forces, games of a mastermind' to tell us who became rich in an hour, even in a few minutes by buying and selling foreign exchange in accordance with the rules of a market economy and knowing that the central bank will raise the interest rates,” Erdoğdu said.