Business & Economy

Dark expectations for Turkey … and an economic reality that confused Erdogan!

Informed sources revealed that Turkish President Recep Tayyip Erdogan’s decision to dismiss the head of the Central Bank came hours after he received briefings on the fragile economic situation, which prompted his son-in-law to resign from the position of Finance Minister.

According to the sources, the briefings that Erdogan received included a warning about the failure to secure new foreign financing from abroad, and the pressure of the 30% decline in the lira since January and the reversal of the Corona pandemic.

An economic transformation that Turkey witnessed between 6 and 9 November, when the Turkish lira rose 10%, only to quickly return to more than 5%.

According to the sources, Erdogan, who was anxious and confused, summoned the governor of the Central Bank at the time, Murat Uysal, to ask him how foreign exchange reserves fell by more than half this year and what his plans to rebuild them, bearing in mind that the decline is recorded in the announced Central Bank data and therefore it cannot be a surprise, but the sources She said, “That discussion convinced Erdogan of the need to change the voucher,” explaining that after the meeting, “Iqbal was fired and Iqbal was appointed within hours.”

Meanwhile, the Turkish presidency refrained from commenting on Erdogan’s meetings ahead of Uisal’s dismissal, which were announced in the early hours of that Saturday without giving an explanation.

On the following Sunday, Baraat Albayrak, husband of Erdogan’s daughter, resigned from his position as finance minister, in a political earthquake for a powerful figure who was expected to be a potential successor to the president, so that the fate of the Turkish economy remains unknown despite these urgent changes.

 
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