In the Turkish capital Ankara, after three months, all of a sudden, former Minister of Treasury and Finance Berat Albayrak’s circle started a defense campaign regarding the eroded foreign currency reserve.
They are making statements based on “There is no reserve that has been eroded.” They are issuing demagogic statements advocating their former stance and they are posting tweets. Why all of a sudden?
As a matter of fact, officials, starting with the outgoing Central Bank Governor Murat Çetinkaya, and another former Central Bank governor, Murat Uysal, who was also removed, never made any satisfactory statements to the public.
They had started hiding the swap transactions, which were the main instruments for covering and making up foreign currency reserves losses. This data was used to be issued before they started transferring the reserves of the Central Bank to public banks through “back door methods
After the finance minister and the CB governor were dismissed in November 2020, media reports appeared saying that “the President was unaware that the reserves had been eroded to this extent.”
Then there was a silence that went on for three and a half months. There was no denial from Ankara, which normally reacts to even the slightest piece of disturbing news for them.

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