Central bank data disprove interior minister’s rigging claims


Date posted: January 5, 2014

İSTANBUL
Figures publicized by the Central Bank of Turkey have contradicted government claims that the corruption and bribery investigation launched on Dec. 17 was a plot created by the so-called interest and foreign exchange lobbies.

Interior Minister Efkan Ala, only days after he was named to replace the embattled Muammer Güler, whose son has been detained for alleged involvement in bribery, claimed to have documents proving that such lobbies were behind an organized coup attempt. He said some banks had collected massive amounts of dollars from the markets before the graft probe started and that he had evidence to back this claim. But the central bank’s figures released on Friday showed there had been no extraordinary money transfers and that no investor had collected unusual sums of foreign currency.

According to the central bank’s figures, there had been no outstanding increase in foreign currency deposits in the banks during some weeks before the investigation started. However, once the investigation became public, jittery investors rushed to dollars and euros in panic, fearing that the corruption probe would spill over into political chaos. These figures did not support Ala’s claims that some banks bought in advance, with foreknowledge of the probe.

Ala’s remarks were widely interpreted as a reference to Bank Asya, a participation bank affiliated with the Hizmet movement, which the government has tried to scapegoat through conspiracy theories to evade corruption allegations. Some news stories broke soon after Ala’s claims, reporting that Bank Asya’s accounts were being scrutinized for misconduct.

Prime Minister Recep Tayyip Erdoğan and some other Cabinet members made similar accusations during the Gezi Park protests last year, saying that the riots were instigated by a shadowy interest lobby with origins abroad. The Banking Regulation and Supervision Agency (BDDK), the Capital Markets Board (SPK) and the Finance Ministry conducted discrete investigations to find traces of these lobbies behind the demonstrations, but none of them could produce any proof that the activity in the foreign currency market, bond market or stock market was unusual.

The central bank’s figures showed that in the week from Dec. 6-13, the size of foreign currency deposits in Turkish banks rose by only $187 million to reach $154.4 billion. In this period, the currency rates also stayed steady, one dollar edging up only 1.4 kuruş from TL 2.0257 to TL 2.0390. On Dec. 16, the eve of the investigation, the dollar’s value fell slightly to TL 2.0260, when the central bank pumped $180 million through open market operations, facing little demand.

But this relatively quiet atmosphere broke on Dec. 17, and the dollar climbed rapidly with news that the investigation had named figures close to some Cabinet members and might even implicate some ministers themselves. In the week of Dec. 16-20, the sum of foreign exchange deposits in the country surged by $1.85 billion to hit $156.3 billion, the central bank’s data displayed.

Source:


Related News

Ankara-supplied clerics spy on Turkish-Australian communities

Turkish imams preaching in Melbourne and Sydney mosques have been instructed to spy on Australian supporters of Fethulah Gulen, an exiled cleric blamed by President Recep ­Erdogan for the failed July coup bid in Ankara.

Row between Turkish government and Gülen movement heats up with new document

The row between followers of the Islamic scholar Fethullah Gülen’s movement of and the Turkish government took another dimension after a daily revealed Nov. 28 that a decision from the National Security Council (MGK) recommending an action plan against the Gülen movement be signed by the government in 2004.

Erdogan’s Turkey silencing dissent, abusing terrorism charges – HRW report

Turkey’s prolonged and arbitrary detention of journalists, human rights defenders, and politicians following the 2016 coup attempt have set back the country’s human rights record, Human Rights Watch said in its World Report 2020 published on Tuesday.

Turkish Olympiads and achieving peace

ORHAN OĞUZ GÜRBÜZ A utopia ushers in a new era. We explore and take courageous actions thanks to our dreams of what is possible. Turkish colleges around the world are sponsored by entrepreneurs who are members of a movement in Turkey that has made serious progress in creating this utopia. If you describe languages, religions, […]

Prosecutor files criminal complaint against Gülen for seeking legal rights

Ankara Public Prosecutor Cevat İşlek has filed a criminal complaint against Turkish Islamic scholar Fethullah Gülen for seeking to bring a lawsuit against Akşam daily columnist Emin Pazarcı for insulting him.

Victims of Erdogan’s witch-hunt and purge get their voice heard

A new website has recently been launched to publish stories or Turkish president Erdogan’s with-hunt, persecution and brutal crack-down on the dissents. The new website is named “Magduriyetler,” which aims to disseminate the stories of the countless violations of law after the coup attempt in July 2016.

Latest News

Fethullah Gülen’s Condolence Message for South African Human Rights Defender Archbishop Desmond Tutu

Hizmet Movement Declares Core Values with Unified Voice

Ankara systematically tortures supporters of Gülen movement, Kurds, Turkey Tribunal rapporteurs say

Erdogan possessed by Pharaoh, Herod, Hitler spirits?

Devious Use of International Organizations to Persecute Dissidents Abroad: The Erdogan Case

A “Controlled Coup”: Erdogan’s Contribution to the Autocrats’ Playbook

Why is Turkey’s Erdogan persecuting the Gulen movement?

Purge-victim man sent back to prison over Gulen links despite stage 4 cancer diagnosis

University refuses admission to woman jailed over Gülen links

In Case You Missed It

Extradition request for Gülen aims at manipulating public perception

Fear Grows in Turkey as Crackdown on Gulen Followers Continues

New Jersey Celebrates Turkic Day

Fethullah Gülen’s Message of Condemnation and Condolences on Murders in France

Erdoğan raising new army of political Islamists

Exhibit lets Iraqi women tell stories of heartbreak and hope

Criticism and risks

Copyright 2022 Hizmet News