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Turkey foiled financial manipulation plots: President

24 February 2021 18:33 (UTC +04:00)

Turkey gave no chance to those who wanted to create new financial fluctuations on the back of the coronavirus pandemic, the nation’s president said on Wednesday, APA reports citing Anadolu.

A large part of Central Bank reserves – a subject Turkey’s main opposition asks about “ceaselessly” – were used to protect Turkey from this manipulation, Recep Tayyip Erdogan told a ruling Justice and Development (AK) Party parliamentary group meeting.

"Thanks to this, we foiled the games of those who seek to sow social turmoil by raising [foreign exchange] rates and interests to very high levels," he added.

Erdogan last week said the Central Bank's foreign exchange reserves currently total $95 billion.

Over the last year, the US dollar/Turkish lira exchange rates hovered between 6 and 8.5, but dropped to 7.35 by the end of the year.