The true cost of the operation against İmamoğlu has been revealed: 'If these operations had not taken place...'

DEVA Party Chairman Ali Babacan explained the damage caused to the Turkish economy by the arrest of Istanbul Metropolitan Municipality (İBB) Mayor Ekrem İmamoğlu and his colleagues. Babacan stated that the cost of the operation process, which began on March 19, has exceeded 143 billion dollars.

The process, which began on March 19 with the detention of İBB Mayor Ekrem İmamoğlu and numerous other individuals, caused major turmoil in the markets. Following the detention and arrest decisions, there were sharp increases in foreign exchange rates.

To curb this rise, the Central Bank of the Republic of Turkey (TCMB) sold over 52.5 billion dollars in foreign currency to the market over a period of approximately 40 days.

"FOREIGN EXCHANGE SALES WERE NOT ENOUGH, THE DAMAGE DEEPENED"

Babacan emphasized that not only foreign exchange sales but also the increases in the dollar and interest rates created devastating effects on the economy. Speaking on Karar TV, Babacan explained the direct cost of the operations to the economy item by item as follows:

Due to the increase in the exchange rate, Turkey's external debt burden increased by 1 trillion TL.

The rise in interest rates increased the Treasury's burden by another 1 trillion TL.

For the first time in its history, the TCMB was forced to issue liquidity bills with a 60 percent interest rate.

If these operations had not taken place, according to Babacan, retirees' holiday bonuses could have been increased to 30,000 TL instead of just 4,000 TL.

Companies on Borsa Istanbul experienced a total loss of value of 40 billion dollars.

The Central Bank sold more than 50 billion dollars in foreign currency to suppress the dollar.

"THE COST OF THE PROCESS IS NOT LIMITED TO RESERVE LOSSES"

Babacan stated that while the public has been discussing the process solely in terms of the loss of TCMB reserves, the actual loss is far beyond that.

Babacan remarked, "This is not just the melting away of the Central Bank's foreign exchange reserves; when combined with external debt, the Treasury burden, corporate values, and interest costs, Turkey's total loss has exceeded 143 billion dollars."