"AKP destroyed moving capacity of Central Bank to take Istanbul back": Opposition

The main opposition CHP's deputy chairman argued the ruling AKP destroyed the maneuver capacity of Turkey's Central Bank in order to take Istanbul back
Tuesday, 21 May 2019 13:49

Turkey's main opposition CHP Deputy Chairman, Aykut Erdoğdu, stated that the decrease in Central Bank's foreign exchange reserves limited the moves of the bank. Erdoğdu said, "the Central Bank has no reserves of its own that it can immediately use and this means a limited moving capacity for the bank in sudden distress."

In a written statement, the opposition's deputy chairman noted that Foreign exchange reserves are considered as security when there is a problem in foreign payments or the exchange rate increases due to various reasons. "Unfortunately, the government has destroyed this maneuver capacity of the bank in order to take Istanbul back," Erdoğdu added.

Erdoğdu also argued that the Central Bank's foreign exchange reserves, which will ensure the fulfillment of external obligations in a timely manner, will prevent external shocks and speculative attacks and ensure stability in Turkish lira. "Noone has the right to destroy the country's economy for the sake of taking the mayor's office which was won by the opposition", he said.