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As Turkey’s economy reels, speculative traders and well-off insiders see opportunity to profit

State measures to prop up the lira have raised concerns of corruption as a sizable minority are believed to have emerged as financial winners from Turkey’s economic crisis, reports Borzou Daragahi in Istanbul

Friday 18 March 2022 13:07 GMT
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<p>People walk past a currency exchange office in Istanbul, Turkey, 11 November 2021</p>

People walk past a currency exchange office in Istanbul, Turkey, 11 November 2021

As most of the Turkish public saw their savings and purchasing power melt away, 40-year-old Tuna Ak closely watched the machinations of the United States Federal Reserve and Turkey’s Central Bank.

He bought up thousands of dollars in October when the lira was at nine to the dollar and sold it all when it reached 15 in December, turning a hefty profit, just before the Central Bank made a series of moves to boost the Turkish currency.

“I am following the news,” said the resident of Kocaeli, a father-of-two and a self-described jack of all trades.

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