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Erdogan orders probe into Turkish lira's slump - Anadolu

Economy Nov 27, 2021 11:26AM ET
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2/2 © Reuters. FILE PHOTO: Turkish President Tayyip Erdogan addresses members of his ruling AK Party (AKP) during a meeting at the party headquarters in Ankara, Turkey, November 23, 2021. Murat Cetinmuhurdar/PPO/Handout via REUTERS 2/2

ISTANBUL (Reuters) - Turkish President Tayyip Erdogan has ordered an investigation into possible currency manipulation after the lira fell sharply to record lows against the dollar this week, the Anadolu news agency reported on Saturday.

It said Erdogan had tasked the State Supervisory Council, an auditing agency which reports to the presidency, to identify institutions that had bought large amounts of foreign currency and to determine whether any manipulation had occurred.

The lira plunged to record lows this week after Erdogan pledged to stick with a policy of easing interest rates. It has lost as much as 45% of its value this year, with about half of those losses in the last two weeks.

The currency fell as far as 13.45 to the dollar in a historic 15% selloff https://www.reuters.com/world/middle-east/turkish-lira-drifts-off-record-low-erdogan-defends-policy-rate-2021-11-23 on Tuesday that followed a speech in which Erdogan defended the central bank's move to slash its policy rate to 15%, despite inflation of 20%.

During the speech, he said Turkey was fighting an "economic war of independence" and would not yield to pressure to change course.

"We are seeing the games that are being played over the exchange rate, interest rates and price rises by those who want to push our country out of the equation," he said.

Turkey's State Supervisory Council can demand that organisations present relevant information and documents, and will forward its findings to relevant authorities, state-owned Anadolu said.

Erdogan orders probe into Turkish lira's slump - Anadolu
 

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Comments (9)
Ken Roth
Ken Roth Nov 27, 2021 5:00PM ET
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I remember when 1 deutch mark equalled 1 million lira
ZS Beck
ZS Beck Nov 27, 2021 4:40PM ET
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just look at the mirror Erdy... No probe needed.
Tony Huynh
Tony Huynh Nov 27, 2021 2:10PM ET
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This is like the Spiderman meme where he points at himself. Erdogan messed up the economy in Turkey and now he wants to find the cause lol
bagsites bagsites
bagsites bagsites Nov 27, 2021 2:10PM ET
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reminds me of tRump with the fake elections fraud
William Bailey
William Bailey Nov 27, 2021 1:30PM ET
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Greed will lead the world into war
Todd Gray
Todd Gray Nov 27, 2021 1:27PM ET
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I've never met a Turk I didn't like. How many of you would like your wealth manipulated?
Chris Sundo
Chris Sundo Nov 27, 2021 1:27PM ET
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I've never met a Turk I liked. They all lie depending on the direction of the wind. I've never met a Turk I liked.
Roger Miller
Roger Miller Nov 27, 2021 10:44AM ET
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Politicians always blaming speculators for currency and price distortions created by their own policies and the central banks; no different in the US.
Edward Chong
Edward Chong Nov 27, 2021 10:35AM ET
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this guy should go back to kindergarten . look at how hong kong play the speculators. only know how to complain.
Kaveh Sun
Kaveh Sun Nov 27, 2021 10:26AM ET
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F art
Kaveh Sun
Kaveh Sun Nov 27, 2021 10:26AM ET
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Stinky old *******
 
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