Where is the $128B? Turkeys opposition presses Erdogan – Al Jazeera English
The sum refers to the dollars sold by Turkeys state banks to support its lira currency in foreign exchange markets.
Where is the $128 billion? asked posters on billboards around Istanbul intended by Turkeys main opposition to embarrass and annoy President Recep Tayyip Erdogan and his ruling Justice and Development Party (AK).
The gambit seems to have worked. Police took the posters down,using cranes in some instances, according to videos shared online by the opposition Republican Peoples Party (CHP), which said it would keep putting them back up.
The question has also trended on social media, while the AK on Tuesday blocked a CHP call to debate the missing funds in parliament.
The sum refers to the dollars sold by state banks to support the Turkish lira in foreign exchange markets. The unorthodox policy began around the 2019 municipal elections and was ramped up in 2020, when the coronavirus pandemic laid bare the liras vulnerability and Turkeys reliance on external funding.
Bankers have calculated that the sales totalled $128.3bn in 2019-20.
Erdogansays the sales helped to support the economy, but they sharply depleted Turkeys buffer of foreign reserves, leaving it more exposed to crisis, and opposition politicians want to know more.
[Erdogan] says you cannot even ask me questions, CHP leader Kemal Kilicdaroglu told party members on Tuesday, accusing the AK of stifling debate. Those leading the country must give an account to the people.
Kilicdaroglu said a prosecutor had ruled that some posters that bore a silhouette of the presidential palace were an insult toErdogan. Insulting the president is a crime in Turkey.
The lira, which has lost more than 50 percent of its value since the end of 2017, held around 6.85 versus the United States dollar between May and August 2020, which economists attributed to forex sales. It later weakened to a record low of 8.58 by November, after the sales stopped. The lira traded at 8.08 on Wednesday.
The CHP first posed the question about the sales in February, prompting Erdogan to defend the legacy of his son-in-law, former Finance Minister Berat Albayrak, who had overseen the policy.
Albayrak abruptly resigned in November whenErdogannamed Naci Agbal as governor of the central bank, which had backed the dollar sales with swaps.
Agbal was in turn fired last month, partly, Reuters news agency reported, because Erdogan was uncomfortable with the banks investigation into the sales, which cut its net foreign exchange reserves by 75 percent last year.
The net buffer was $10.7bn on April 2, the lowest in at least 18 years, central bank data shows. Excluding $41.1bn in outstanding swaps, the reserves are deeply negative.
AK lawmaker Mustafa Savas said the sales helped Turkey avoid raising interest rates or seeking International Monetary Fund support.
The CHP has asked how the sales were conducted and at what rate. AK lawmaker Nurettin Canikli said they were all conducted at market rates.
Canan Kaftancioglu, the CHPs Istanbul organisation head, said just a fraction of the $128bn could have supported Turks through a 28-day coronavirus lockdown that the party has urged in the face of a surge in infections.
They will never prevent us from asking these questions, she said, adding that the posters would hang outside CHP buildings until an answer was provided.
The rest is here:
Where is the $128B? Turkeys opposition presses Erdogan - Al Jazeera English
- Turkey detains hundreds of Erdogan opponents in pursuit of 'octopus' of corruption - Reuters - July 10th, 2025 [July 10th, 2025]
- President Erdogan will 'deliver a historic speech' on July 12: Spokesperson - Trkiye Today - July 10th, 2025 [July 10th, 2025]
- Turkish President Erdogan Cracks Down on the Opposition Party - The National Interest - July 10th, 2025 [July 10th, 2025]
- Turkey Blocks Grok AI on X for Alleged Insults to Erdogan, Atatrk, and Religious Values - Greek City Times - July 10th, 2025 [July 10th, 2025]
- Turkey Blocks Grok Content For Alleged Humiliation Of Erdogan And Religious Values - VOI.ID - July 10th, 2025 [July 10th, 2025]
- Trkiye bans Elon Musks AI chatbot Grok over insults to Erdogan, Ataturk - Trkiye Today - July 10th, 2025 [July 10th, 2025]
- As Erdogan cracks down on opposition, is Turkey headed to early election? - Firstpost - July 8th, 2025 [July 8th, 2025]
- Erdogan Says Yerevan is More Flexible on So-Called Zangezur Corridor - Asbarez - July 8th, 2025 [July 8th, 2025]
- 3 mayors arrested in southern Turkey as part of crackdown on opposition to Erdogan - The Times of Israel - July 8th, 2025 [July 8th, 2025]
- Erdogan expects F-35 deliveries during Trump presidency, rejects Greek concerns - Defence Industry Europe - July 8th, 2025 [July 8th, 2025]
- Erdogan meets with pro-Kurdish party delegation in 'historic' peace talks - Trkiye Today - July 8th, 2025 [July 8th, 2025]
- Turkeys pro-Kurdish party will meet with President Erdogan By Reuters - Investing.com - July 8th, 2025 [July 8th, 2025]
- Erdogan says asked Trump to intervene over shootings at Gaza aid centers - The Times of Israel - July 6th, 2025 [July 6th, 2025]
- Erdogan confident Turkey to be readmitted to F-35 programme - The New Arab - July 6th, 2025 [July 6th, 2025]
- Turkish Police Detain Three More Mayors From Party Opposed to Erdogan - WSJ - July 6th, 2025 [July 6th, 2025]
- Erdogan confident Turkey will receive F-35 jets under deal with Trump - eKathimerini.com - July 6th, 2025 [July 6th, 2025]
- Erdogan: Peace with Kurds to gain momentum as PKK starts laying down arms - kurdistan24.net - July 6th, 2025 [July 6th, 2025]
- Erdogan says PKK arms decision will accelerate peace process - Trkiye Today - July 6th, 2025 [July 6th, 2025]
- PKK disarmament to boost peace with Kurds: Erdogan - New Age BD - July 6th, 2025 [July 6th, 2025]
- Erdogan and Sharif discuss trade expansion and Gaza crisis at Azerbaijan summit - Trkiye Today - July 6th, 2025 [July 6th, 2025]
- Armenias vision of unblocking anchored on sovereignty and national jurisdiction: Foreign Ministry responds to Erdogan - Armenpress - July 6th, 2025 [July 6th, 2025]
- Erdogan: I truly believe Khankendi will become a center of peace - Latest news from Azerbaijan - July 6th, 2025 [July 6th, 2025]
- As Trump Pushes Syria Toward Israel, Erdogan Asks What's in It for Him - Haaretz - July 4th, 2025 [July 4th, 2025]
- Erdogan vows action against magazine over alleged religious insult - rudaw.net - July 4th, 2025 [July 4th, 2025]
- Erdogan pushes for F-35 deal with US in bid to strengthen Turkey's Air Force, expert says - The Jerusalem Post - July 4th, 2025 [July 4th, 2025]
- Turkey agrees to increase water flow to Iraq after meeting between Al-Mashhadani and Erdogan - Iraqi News - July 4th, 2025 [July 4th, 2025]
- President Erdogan to visit Azerbaijan for Economic Cooperation Organization Summit - Trkiye Today - July 4th, 2025 [July 4th, 2025]
- U.S. envoy expects Trump, Erdogan to resolve arms sanctions on Turkey this year -Anadolu - Reuters - July 2nd, 2025 [July 2nd, 2025]
- Erdogan reiterates gratitude to Azerbaijan for earthquake relief support - Latest news from Azerbaijan - July 2nd, 2025 [July 2nd, 2025]
- Erdogan hails 2024 as record year for exports, pledges continued growth in 2025 - TRT Global - July 2nd, 2025 [July 2nd, 2025]
- US envoy expects Trump, Erdogan to resolve arms sanctions on Turkiye this year - Arab News - July 2nd, 2025 [July 2nd, 2025]
- EUs aid to Turkey diverted to spying operations in Europe by Erdogan govt - Nordic Monitor - June 29th, 2025 [June 29th, 2025]
- Trump, Erdogan hold first meeting at NATO as ties warm: What to know - AL-Monitor - June 29th, 2025 [June 29th, 2025]
- President Erdogan condemns terrorist attack in Pakistan near Afghan border - Trkiye Today - June 29th, 2025 [June 29th, 2025]
- Erdogan Claims Progress in Bid to Secure F-35 Fighter Jet From United States - Foundation for Defense of Democracies - June 28th, 2025 [June 28th, 2025]
- Turkey hopes for progress on F-35 jets after Trump meeting, Erdogan says - The Times of Israel - June 28th, 2025 [June 28th, 2025]
- Erdogan says Trump would join Ukraine peace talks in Turkey if Putin attends - Reuters - June 28th, 2025 [June 28th, 2025]
- World Juniors Qualifier Talya Erdogan is Headed to George Washington University for 2025 - SwimSwam - June 28th, 2025 [June 28th, 2025]
- Turkeys Erdogan says positive developments on Eurofighter jets - eKathimerini.com - June 28th, 2025 [June 28th, 2025]
- Erdogan with Trump after five years: why can they get along better now? - Yetkin Report - June 28th, 2025 [June 28th, 2025]
- Trkiye in talks with the US to rejoin F-35 programme, says Erdogan - TRT Global - June 28th, 2025 [June 28th, 2025]
- Erdogan says Turkey hopes for progress on F-35s after Trump meeting - Investing.com - June 28th, 2025 [June 28th, 2025]
- Erdogan said that the Russian S-400 air defense systems are not enough to protect Turkey - EADaily - June 28th, 2025 [June 28th, 2025]
- Erdogan says wont let terror drag Syria back to instability - arabnews.jp - June 24th, 2025 [June 24th, 2025]
- Erdogan to attend June 2425 NATO summit in The Hague as allies mull defense spending hike - Trkiye Today - June 24th, 2025 [June 24th, 2025]
- Erdogan says Israel-Iran war near point of no return, vows to boost missile production - The Times of Israel - June 22nd, 2025 [June 22nd, 2025]
- Armenian prime minister discusses reconciliation with Erdogan in landmark Turkey visit - AP News - June 22nd, 2025 [June 22nd, 2025]
- Armenian prime minister to meet Erdogan in rare visit to Turkey aimed at mending ties - ABC News - Breaking News, Latest News and Videos - June 22nd, 2025 [June 22nd, 2025]
- Erdogan vows to boost Turkeys missile production as Israel-Iran war escalates - AP News - June 22nd, 2025 [June 22nd, 2025]
- Erdogan tells Iranian FM talks are only way to settle nuclear dispute - The Times of Israel - June 22nd, 2025 [June 22nd, 2025]
- Erdogan says he's 'optimistic victory will be Iran's' in blistering speech as strikes continue - MSN - June 22nd, 2025 [June 22nd, 2025]
- Turkish President Erdogan warns against 'new Sykes-Picot order' in the Middle East - Yahoo - June 22nd, 2025 [June 22nd, 2025]
- Erdogan: Iran-Israel conflict reaching point of no return - The Times of Israel - June 22nd, 2025 [June 22nd, 2025]
- Pashinyan-Erdogan meeting may be a game-changer in Armenia-Turkish relations - Commonspace.eu - June 22nd, 2025 [June 22nd, 2025]
- Erdogan: Israeli strikes on Iran aimed at derailing nuclear talks with US - The Times of Israel - June 22nd, 2025 [June 22nd, 2025]
- UNRWA to open office in Trkiye: Erdogan - TRT Global - June 22nd, 2025 [June 22nd, 2025]
- Erdogan, Trump tried to broker secret US-Iran talks in Istanbul: Report - Trkiye Today - June 22nd, 2025 [June 22nd, 2025]
- Netanyahu government is the 'greatest obstacle' in regional peace: Erdogan - TRT Global - June 22nd, 2025 [June 22nd, 2025]
- Turkish President Tayyip Erdogan speaks during the 51st Session of the Council of Foreign Ministers of the Organisation of Islamic Cooperation in... - June 22nd, 2025 [June 22nd, 2025]
- Turkeys Erdogan says Israel attacks aimed to sabotage Iran nuclear talks By Reuters - Investing.com - June 22nd, 2025 [June 22nd, 2025]
- President Sheikh Mohamed and Turkey's Erdogan call for dialogue as conflict rages between Israel and Iran - thenationalnews.com - June 20th, 2025 [June 20th, 2025]
- Erdogan, Aliyev Rejoice Over Ethnic Cleansing of Artsakh - Asbarez - June 20th, 2025 [June 20th, 2025]
- Erdogan Attempts to Rally the Muslim World Against Israel - Foundation for Defense of Democracies - June 20th, 2025 [June 20th, 2025]
- Erdogan says Iran has 'legitimate right to defend itself against Israel's thuggery,' compares Netanyahu to Hitler - The Times of Israel - June 20th, 2025 [June 20th, 2025]
- Putin, Erdogan condemn Israeli actions against Iran - The Times of Israel - June 20th, 2025 [June 20th, 2025]
- Erdogan says Iran has 'legitimate and legal right' to self-defence against Israel - Middle East Eye - June 20th, 2025 [June 20th, 2025]
- Saar slams oppressive and imperialist Erdogan for defending Iran, comparing PM to Hitler - The Times of Israel - June 20th, 2025 [June 20th, 2025]
- Trkiye will never forget Azerbaijani people's solidarity after earthquakes: Erdogan - TRT Global - June 20th, 2025 [June 20th, 2025]
- Erdogan slams Israels banditry after Iran strikes - The Times of Israel - June 14th, 2025 [June 14th, 2025]
- Israeli disinformation campaign on President Erdogan's daughter refuted by Trkiye - Trkiye Today - June 14th, 2025 [June 14th, 2025]
- Erdogan steers Turkey toward end of secularism with new constitution draft - The Arab Weekly - June 14th, 2025 [June 14th, 2025]
- Turkey to export 48 fighter jets to Indonesia: Erdogan - The Economic Times - June 14th, 2025 [June 14th, 2025]
- Erdogan: The international community must say stop to Israeli banditry - NEWS.am - June 14th, 2025 [June 14th, 2025]
- Plans afoot for an Erdogan trip to the White House - eKathimerini.com - June 10th, 2025 [June 10th, 2025]
- Erdogan proposes Putin-Zelensky meeting in Turkey, with Trump's participation - Gazeta Express - June 7th, 2025 [June 7th, 2025]
- Turkish President Erdogan greets the nation on Eid al Adha - TRT Global - June 7th, 2025 [June 7th, 2025]
- Turkey becoming one of main centers of peace diplomacy - Erdogan - Ukrinform - June 7th, 2025 [June 7th, 2025]
- Appeasing Erdogan, losing the Med - eKathimerini.com - June 7th, 2025 [June 7th, 2025]
- President Recep Tayyip Erdogan is pushing for Turkish women to have more babies - IslanderNews.com - June 7th, 2025 [June 7th, 2025]
- Turkey's Erdogan appoints legal team to draft new constitution, sparking fears of extended rule - AP News - May 28th, 2025 [May 28th, 2025]