Where did the US$128 billion go? This question has been on the minds of Turkish people these days. It is certainly a substantial amount of money, by any standard.

The figure refers to the reserves sold in 2019 and 2020 by the Central Bank to support the Turkish lira in foreign exchange markets. The opposition’s allegations that these funds are unaccounted for makes the biggest financial scandal in Turkey.

The amount is beyond the imagination of Turkish people trying to make ends meet, who have received barely any financial assistance during COVID-19 pandemic. To help comprehend the size of the alleged financial loss, one of the opposition parties, CHP, created a website where people can “play” with the amount by purchasing airports, toll roads and precious minerals – which people find difficult to lose, even in a game.

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