Turkey – suspicion of exchange rate manipulation – economy

After the repeated losses of the Turkish lira on the currency markets, President Recep Tayyip Erdoğan orders an investigation into exchange rate manipulation. The official news agency Anadolu reported on the weekend that he had commissioned a supervisory body subordinate to him. The auditors are supposed to identify institutions that have bought foreign currency on a large scale and investigate whether the forex trading has been manipulated.

The lira has depreciated by around 45 percent since the beginning of the year. The downward slide had accelerated in the past two weeks. At times, up to 13.45 lira were paid in the markets for one dollar.

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