CHP Demands to Investigate the Foreign Exchange Reserve Sold by the CBRT

CHP Demands to Investigate the Foreign Exchange Reserve Sold by the CBRT CHP demanded to investigate the foreign exchange reserves sold by the CBRT. The party wants to find out who is profiting from its foreign exchange reserves. Republican People's Party (CHP), has requested Parliamentary research on the foreign exchange reserves of the Central Bank of Turkey (CBRT). In the justification of the research proposal submitted to the Presidency of the Parliament with the signatures of group vice president Engin Altay, Özgür Özel and Engin Özkoç, it was stated that Turkey's economy, has passed through a difficult period due to mismanagement, the government’s ‘unreasonable and unscientific' policies ‘spinned’ the countries economy policy for years. In this process, it was claimed that the resources of the CBRT and public banks were spent by selling foreign exchange, keeping foreign currency and interest low, and the money released to the market with low interest loans triggered imports and increased the current account deficit, while fueling the demand for gold and foreign exchange.   Which Expressions Are Used In The Rationale Of CHP? In the aforementioned reasoning, the following expressions were used: “Neither the exchange rate nor the interest rate could be kept low. Turkey is a country with high inflation, high interest rates, more than 10 million unemployed; The Central Bank, whose value is creeping in places, its credit rating at the level of garbage, its reserves have been spent, its reserves have decreased to minus $ 55.5 billion, 58 percent of the public debt in foreign currency, 1.9 trillion lira, the interest burden absorbing 20 percent of tax revenues, 420 Billion dollars foreign debt, with 245 billion lira budget deficit.” In the motion of the CHP, Parliamentary investigation was requested for investigating why the CBRT was forced to sell its foreign exchange reserves, at what price and to whom this currency was sold, whether the sales transactions were legal, who made a profit from these transactions, how much the public banks made a loss from these transactions, and the burden of this loss on the Treasury.     This article has AA contribution.