They denounce speculative games with the pound


A TV commercial released by Turkish state-owned lender Halkbank on the eve of President Recep Tayyip Erdogan’s announcement Monday of an emergency plan to curb the pound raised speculative questions, according to speculative media.

The economic plan, which stipulates that the country’s treasury will make up for the losses of pound depositors if the pound against hard currencies exceeds bank interest rates, aims to persuade people with foreign currency deposits to turn to pound, helping the Turkish currency reduce losses.

The pound rose the most in decades after Erdogan’s announcement, recovering up to 20% from 18.41 against the dollar on the same day.

Halkbank’s commercial shortly after the announcement of Erdogan’s new financial model urged people to keep deposits in pounds to support the president’s plan: “Our most fundamental task is to convert every kuruş of the Turkish lira into “Our people are investing in our bank in huge support for a productive Turkey. Be happy for us! With the Turkish pound, the symbol of our independence and sovereignty, our people are winning, our country is growing!” advertising.

An opposition lawmaker said in a parliamentary question to Finance Minister Nureddin Nebati that the commercial, which showed that some people knew about the government’s plans to limit the devaluation of the pound in advance, reinforced claims that a certain group of people was engaged in speculation: “While the pound was at 18 against the dollar and 20 against the euro shortly before December 20, 2021 [Δευτέρα], fell to 12 against the dollar and to 15 against the euro the next day. Since this ad was shot long before that, who knew the exchange rate would fall suddenly [τη Δευτέρα]; “Have the bank accounts of these people been examined?”

“Who are those who bought Turkish pounds indulging in speculation related to exchange rates and put the responsibility of paying its interest to the citizens?” [φορολογούμενους που χρηματοδοτούν το δημόσιο ταμείο] through the new deposit system? “he added.

The MP also asked “When was this ad shot? When was the decision made to shoot it? Who ordered this ad to be shot?”

Petros Kranias


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