Newspaper: Turkish Central Bank stops selling foreign currency

The Central Bank of Turkey (CBRT) completely stopped selling foreign currency to state economic institutions (SES) in September, Turkish newspaper Zaman reported on Saturday.

According to the same newspaper, “Turkey’s Central Bank also did not sell foreign currency to state-owned enterprises in July and August.”

In June, Turkey’s central bank provided only $105 million in foreign currency.

It is estimated that the foreign exchange requirement of state-owned enterprises has decreased due to the easing of electricity bills in the summer months.

The central bank sold nearly $18 billion to state-owned companies in the first six months of 2022.

The Oil and Pipeline Corporation (Botas), a natural gas importer, ranks first in foreign currency sales.

The volume of foreign exchange sold to BOTAŞ over the past five years has exceeded $45 billion.

And how much the central bank sells to state-owned companies, especially BOTAŞ and the Soil Products Authority (TMO), is kept secret.

While non-transparent transactions continue, allegations that foreign currency is being sold at below market prices remain unanswered.

Source: Turkish newspaper Zaman.

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