Shahap Kavcioglu, Governor of the Central Bank of the Republic of Turkey, responded to allegations regarding the fate of the $128 billion reserve loss of the central bank.
The president’s statements are far from answering questions on the central bank’s selling of the $128 billion reserves in an undiclosed manner.
The real story behind Turkey’s 128 bn dollar fx reserve loss I Kerim Rota
Kavcioglu announced that they signed a protocol with the Undersecretariat of Treasury in February 2017 so that foreign exchange trades can be carried out in coordination.
“The protocol contributed to preventing unhealthy price formation, supply-demand balance in foreign exchange markets and liquidity facility,” Kavcioglu said.
‘TRANSACTIONS TOOK PLACE IN THE MARKET CONDITIONS OF THAT DAY’
Central Bank Governor Sahap Kavcioglu stated that “these foreign exchange transactions were carried out through trading platforms within the framework of market conditions and prices on that day.”
Kavcıoğlu added that “There is no privileged foreign exchange transaction to any segment, bank or company”, as he said “It is not possible to trade on the platforms mentioned by selecting certain parties at non-market prices, independent of market dynamics.”
‘IT’S NOT POSSIBLE TO TALK ABOUT AN ASSET THAT’S DISAPPEARED’
“From the point of view of balance sheet asset liability equivalence, it is not possible to talk about an asset lost”, said Kavcıoğlu, “The CBRT shares information and data in its areas of duties and responsibilities with the public in a very transparent manner within the scope of international standards”.
Foreks