Turkish government uses courts to silence critics

Turkey’s banking regulator has filed a criminal complaint against more than 20 people, including former central bank governors, journalists and an economist, over alleged attempts to manipulate the country’s exchange rate in a move that could chill criticism of the government’s unorthodox economic policies.

According to TIMES NEWS UK, the Banking Regulation and Supervision Agency said on Twitter on Monday it was seeking legal action against 26 people and Twitter accounts over “their posts on social media and through media outlets”, amid a currency crisis that has slashed 35 per cent from the value of the lira this year.

The regulator said its complaint was based on an article in the banking law which prohibits making statements in the media that could discredit or damage a bank’s reputation.

The Turkish government frequently uses the courts to silence its critics and has launched criminal suits against journalists and social media users for their statements during previous bouts of volatility in financial markets.

Turkey has ordered the central bank to cut interest rates despite official inflation rates above 20 per cent. This policy reassuring that high interest rates fuels inflation is contrary to mainstream economic theory.