President Gaye Erkan’s $110 Billion Confession
Türkiye While the issue of the 128 billion dollars of foreign exchange lost in the Central Bank Reserves (CBRT) has been discussed for years, the Governor of the Central Bank, Hafize Gaye Erkan, has made a statement regarding the 110 billion dollars of this foreign currency. Erkan stated that $60 billion of foreign exchange reserves went to companies and $50 billion to individuals. While Erkan did not provide detailed information about which companies and individuals owned the coins and at what exchange rates, he did not clarify what happened to the remaining $18 billion.
THE PERIOD BEFORE ME
The parliamentarians of the Planning and Budget Commission of the Grand National Assembly of Turkey asked one after another: “Where did 128 billion dollars go?” When asked, Mayor Erkan highlighted the “period before me” and gave the following information: “I would like to answer technically. Because that is what I can do as a technocrat. In 2020, compared to 2017, the currency position Foreign exchange of the real sector improved by approximately 60 billion dollars, while foreign currency deposits of households increased by approximately 50 billion dollars. In the same period, the portfolio of non-residents decreased and there were current account deficits except in 2019. These developments had reflections on the position of the CBRT (reserves). “The mathematics of this are clearly clear.” President Erkan stated that the transaction was based on legislation and was carried out within the framework of the protocol signed between the Treasury and the Central Bank at the time, and said: “By providing foreign currency liquidity to the market, it was intended to “Prevent the effects of unhealthy prices and exchange rate volatility on inflation that can occur due to inflows. of negative capital towards Turkey.
‘What happened to the reserves?’ I don’t like the discussion
President Gaye Erkan stated that after taking office she looked back and examined the $128 billion issue and said: “I would like to share the point that saddens me,” adding: “There is an understanding that the reserves of foreign exchange in the The CBRTs were secretly transferred to certain institutions and individuals. As a son of Turkey, in an era when information and communication technologies have developed so much, in an institution open to the world like the Central Bank , I ask myself: “What happened to the reservations?” “I do not find that a debate of this type is appropriate for our institution or for Turkey,” he said.