Turkish President Recep Tayyip Erdogan has ordered an investigation into possible currency manipulation after the pound hit a record low against the dollar this week, Anadolu Agency reported.
According to the Turkish news agency, Erdogan instructed the State Supervisory Board, an audit service that reports to the presidency, to identify institutions that have bought large amounts of foreign exchange and to determine whether any manipulation has taken place.
The pound fell to a record high this week after the Turkish president pledged to continue its policy of easing interest rates. The pound has lost up to 45% of its value since the beginning of the year – half of those losses have been recorded in the last two weeks.
On Tuesday, after the speech of Erdogan in which he defended the decision of the central bank to reduce interest rates to 15%, although inflation reaches 20%, the pound fell to a record low of 13.45 against the dollar.
In his speech, Erdogan argued that Turkey is waging an “economic war of independence” and will not give in to pressure to change its strategy. “We are seeing games being played with exchange rates, interest rates and price increases by those who want to throw our country out of the equation,” he said.
According to Anadolu, the Supervisory Board can ask organizations to provide documents and information and will then forward its findings to the competent authorities.
Follow Skai.gr on Google News
and be the first to know all the news
.
