Snap elections would stop Turkish lira's depreciation, says main opposition leader

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Main opposition Republican People's Party (CHP) Chair Kemal Kılıçdaroğlu has once again called for a snap election, which he said will stop the rapid depreciation of the Turkish lira.

The fact that 63 percent of the money in deposit accounts in banks are foreign currencies shows that people don't trust the government, Kılıçdaroğlu told a conference of mayors in Kastamonu on Saturday (December 18).

As soon as the government declares snap elections, the value of the lira will increase, he asserted.

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"While we were asking 'Where is the 128 billion dollars?' we were thinking about these days," he said, recalling a campaign by his party earlier this year. The opposition accuses the government of draining the Central Bank's foreign currency reserves to keep the lira from losing value.

About the Central Bank's recent interventions amid lira's rapid depreciation, Kılıçdaroğlu said, "They borrowed money to intervene in the dollar. Until what point? This is called organized malignancy."

The Central Bank has lowered the interest rates four months in a row since September, which led to a 50 percent depreciation in the Turkish lira.

With the ruling Justice and Development Party (AKP) seemingly losing votes, the opposition has been pressing for a snap election. The AKP insists that the elections will take place in June 2023 as scheduled. (RT/VK)