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Business & Finance

Turkish central bank governor defends forex sales under previous administration

  • The main opposition Republican People's Party (CHP) has been pressuring President Tayyip Erdogan and his AK Party over $128.3 billion of the bank's reserves that were sold via state banks in 2019 and 2020 to prop up the lira.
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ANKARA: Turkey's central bank conducted forex transactions within market conditions and did not provide "privileges" to any bank or firm, its governor was cited as saying on Friday, in response to the ongoing debate about a sale of the bank's reserves.

The main opposition Republican People's Party (CHP) has been pressuring President Tayyip Erdogan and his AK Party over $128.3 billion of the bank's reserves that were sold via state banks in 2019 and 2020 to prop up the lira.

State-owned Anadolu agency quoted Governor Sahap Kavcioglu as saying none of the bank's assets were lost.

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