The Banking Regulation and Supervision Agency, Turkey’s banking supervisor, has filed lawsuits against more than a dozen people, including two former central bank governors (TCMBs), for their comments on the pound and a senior government official said legal action.
Among those charged are Durmus Yilmaz and Rustu Saratsoglu, former heads of the TCMB; The list, released late Monday by the regulator, lists 26 people and Twitter accounts.
Our Institution filed a criminal complaint under Article 74 of the Banking Law against the following Twitter accounts and individuals, due to their posts on social media and media organs to manipulate exchange rate movements.
It is announced to the public with respect. pic.twitter.com/CvwvxWUPdJ
— Banking Regulation and Supervision Agency (BDDK) (@BDDKOfficial) December 27, 2021
The regulator claimed that the commentators tried to manipulate the Turkish exchange rate. He said individuals were accused of violating an article of the banking law that protects the reputation of banks. The dates of the complaints are between August 9 and December 27.
The regulator must act swiftly against “false, manipulative and speculative” comments and must file “immediate” lawsuits, Finance Minister Nuredin Nebati said in an interview with Erdogan’s Erdogan-based A Haber television channel. In fact, in his statements, the Turkish Ministry of Foreign Affairs claimed that TCMB did not sell foreign currency to help the pound on December 20, but on the contrary, the recovery of the currency is due solely to the confidence in the announcements of the Turkish president.
President Recep Tayyip Erdogan announced emergency measures Dec. 20 to limit the pound’s losses against the dollar, including a new deposit tool that protects savers from currency devaluation. The pound recovered some of its heavy losses that day, with a move from the nadir of 18.41, of the order of 33%.
Speaking to Halk TV on December 20, Durmus Yilmaz, who is now an opposition lawmaker, said the promotion of the Turkish currency that night was a “buying opportunity”.
Erdogan criticized the former governor for committing the crime of “manipulation of the financial markets” and warned that the manipulators “will pay the price”. Speaking on Friday, he said that “the banks’ regulatory authority has taken the necessary measures”.
This action comes in the wake of allegations by the Turkish opposition. CHP MP submits topical question to Turkish Grand National Assembly, asking questions about on the part of the Turkish Halkbank, as it seems, even before the Turkish president announced the new deposit protection tool, the bank turned to advertising for this purpose.
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Source From: Capital
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