Fortunately this forums server is based in the UK. It is also located within a UK top level domain (i.e. .co.uk).
If it wasn't then the wee fella, if he knew about us, would be gunning for us. Nearly four hundred social media accounts are having legal action taken against them for "provocative statements" about the lira, and its current state. A sort of online purge you could almost say.
So, if your going to say anything "provocative" in this topic, just make sure you are not readily identifiable
Anyway, another bad Mondays trading. The wee boy simply hasn't instilled any confidence whatsoever to investors and traders in the lira.
His cunning plan to save the economy was worthy of an episode of Blackadder.
What is a concern is his statement from todays
HDN:
"Albayrak dismissed any suggestion that Turkey might intervene in dollar-denominated bank accounts, saying any seizure or conversion of those deposits into lira was out of the question, warning that "legal action will be taken against those who spread rumors and lies."
In the interview Albayrak described the lira's weakness as "clearly an attack," echoing Turkish President Recep Tayyip Erdoğan."
To me this shows that he's toeing the party line, i.e. Turkey's economic issues are all caused by others and that the ruling party are blameless.
The response to the question of privately held dollar accounts is expected - I'm not sure if legally they can seize/convert foreign currency accounts, but given the powers now held by the all powerful supreme leader, it'd only take a nod. Remember Cyprus anyone?
JF