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The Turks are missing billions in foreign exchange reserves When a flood of placards and banners bearing the number 128 appeared this month, police quickly threw them out – arguing that President Recep Tayyip Erdogan had offended crime in Turkey. “Where’s $ 128 billion?” he asked the opposition People’s Republican Party (CHP) about the banners hanging in its offices across Turkey, citing the money the central bank has used to bolster the lira in recent years. Estimates vary widely depending on the amount of spending, and on Wednesday Erdogan had a value of $ 165 billion, the highest valuation to date. Opposition and other analysts say the mix shows a lack of transparency and poor governance at the heart of Erdogan’s economic policy, which is widely condemned for halting inflation and halting the amortization of the pound.

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