Turks chase missing billions in foreign exchange reserves

Source:Financial Times Date:22Apr2021

Analysts Atilla Yesilada and Murat Ucer of the consultancy Global Source Partners said it was unlikely the money enriched members of the government or companies close to it, but the loss of the bank’s buffers “doesn’t render the situation any less awful”. “These reserves were lost in an effort to ‘sustain the unsustainable’, which is sure to go on record as one of the most misguided policy mismanagement episodes in modern economic history,” they wrote in a research note.