No shortage in Central Bank reserves, Erdoğan says

ANKARA

The Central Bank’s foreign exchange reserves incurred no losses as claimed by the main opposition party, President Recep Tayyip Erdoğan said on March 10 while defending the policies of the former treasury and finance minister and his son-in-law, Berat Albayrak, and pointing out that Turkey has realized many achievements during his tenure.

“They’re hung up on where the money is. The money is in the people’s Treasury and the Central Bank,” Erdoğan said, addressing lawmakers from his ruling Justice and Development Party (AKP) at the parliament.

“Nothing is lost,” he added.

The president also said Turkey leaped forward in the energy sector during Albayrak’s term as energy minister, moving it closer to energy independence, such as the purchase of seismic exploration and drilling ships.

“You mocked him as the son-in-law, but all these steps were taken during Mr. Berat’s term,” he said.

“You are so ungrateful,” he added while pointing it out to opposition parties and thanking Albayrak for his work.

Last month, the main opposition Republican People’s Party (CHP) accused the former minister of the country’s economy and depleted FX buffer. The CHP recently has been vocal about the issue, accusing Albayrak of “evaporating” 125 billion dollars.

Albayrak resigned as the finance minister in November 2020.

Turkey is able to produce 63 percent of the electricity used by local resources and renewable energy sources last year, Erdoğan said.

Turkey is 13th in the world and sixth in Europe in terms of installed renewable energy power and the country is implementing projects that will turn Turkey into an “energy base,” he added.

Turkey bought three drillships for $450 million, Erdoğan said, noting that if the country had to build these ships, it would have cost $2.1 billion.

“When Mr. Berat was on duty, we bought two drilling and three seismic research ships. We’re getting another drillship. Our fleet will be one of the most powerful in the world,” Erdoğan said.

Stating that the Akkuyu Nuclear Power Plant is one of Turkey’s biggest investments in the field of energy, Erdoğan said, “These steps were taken during the time of Berat Albayrak, where you mocked him as the son in law. You are ungrateful. Haven’t you seen or heard of these?”