Main opposition asks who profited from currency speculation over Erdoğan’s ‘good news’ announcement

Duvar English

A main opposition Republican People’s Party (CHP) deputy has said that Turkey’s state-owned banks have sold a significant amount of dollars after President Recep Tayyip Erdoğan’s announcement of “good news” last week and asked who bought these dollars.

Turkish lira strengthened against dollar on Aug. 19 after Erdoğan said that he would announce “good news” for the country on Aug. 21 which would start a “new period.” Following this announcement, the lira increased to its strongest level in over a week.

“Who knew ahead what this ‘goods news’ was about and took a position accordingly? Who earned millions in a just a couple of days? … If the Capital Markets Board [SPK] does not start an investigation into this and share its results with the public, then it is also a party to this crime,” CHP MP Faik Öztrak said on Aug. 24, following a meeting of his party’s Central Exeuctive Board (MYK).

“Erdoğan spoke of ‘good news’ two days ahead of announcing it. An expectation was created. The dollar which was at the level of 7.40 Turkish lira fell to 7.30 lira. It had gone down to 7.21 level before the announcement [on Aug. 21]. Some people tried to buy cheap dollar. To whom these dollars were sold? Who knew that the ‘goods news’ would be about energy?” Öztrak asked.

Erdoğan’s announced on Aug. 21 that Turkey found 320 billion cubic meters of natural gas in the Black Sea. The Turkish lira, which had earlier in the week climbed against the dollar amid expectations of “good news,” reversed its gain following Erdoğan’s announcement.

from Duvar English

About CHP EU Representation

The CHP was founded on 9 September 1923, about one and half month before the proclamation of the Republic of Turkey. The first President of modern Turkey’s oldest party was M. Kemal Atatürk. Today CHP is a social-democratic party, member of the Socialist International and associate member of the Socialist Group at the European Parliament. The scope of the CHP bureau in Brussels is not limited to the bilateral framework of Turkey's EU accession process. Issues such as the information society, energy policies, social development, climate change, international trade and security are among the different focus areas. The EU-Turkey relations are about integration and need multiple, plural and horizontal channels of communication. The CHP supports and promotes Turkey's EU membership process also by being more present and active in Brussels The CHP's Representative to the EU is Ms Kader Sevinç who previously worked as an MEP advisor at the European Parliament and in the private sector.
This entry was posted in Duvar English and tagged . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s