Main opposition asks who profited from currency speculation over Erdoğan's 'good news' announcement
Main opposition CHP MP Öztrak has said that some people had made substantial gains last week by buying dollar at a relatively low exchange rate level amid speculations about Erdoğan's announcement of "good news." “Who knew ahead what this 'goods news' was about and took a position accordingly? Who earned millions in a just a couple of days?" Öztrak asked on Aug. 24.
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A main opposition Republican People's Party (CHP) deputy has said that Turkey's state-owned banks have sold a significant amount of dollars after President Recep Tayyip Erdoğan's announcement of “good news” last week and asked who bought these dollars.
Turkish lira strengthened against dollar on Aug. 19 after Erdoğan said that he would announce “good news” for the country on Aug. 21 which would start a “new period.” Following this announcement, the lira increased to its strongest level in over a week.
“Who knew ahead what this 'goods news' was about and took a position accordingly? Who earned millions in a just a couple of days? ... If the Capital Markets Board [SPK] does not start an investigation into this and share its results with the public, then it is also a party to this crime,” CHP MP Faik Öztrak said on Aug. 24, following a meeting of his party's Central Exeuctive Board (MYK).
“Erdoğan spoke of 'good news' two days ahead of announcing it. An expectation was created. The dollar which was at the level of 7.40 Turkish lira fell to 7.30 lira. It had gone down to 7.21 level before the announcement [on Aug. 21]. Some people tried to buy cheap dollar. To whom these dollars were sold? Who knew that the 'goods news' would be about energy?” Öztrak asked.
Erdoğan's announced on Aug. 21 that Turkey found 320 billion cubic meters of natural gas in the Black Sea. The Turkish lira, which had earlier in the week climbed against the dollar amid expectations of “good news,” reversed its gain following Erdoğan's announcement.