ISTANBUL, (Reuters) – The Turkish President Tayyip Erdan has directed an inquiry into currency manipulation following a sharp fall in the lira’s value against the dollar last week. This was reported by the Anadolu news agency on Saturday.

Erdogan had instructed the State Supervisory Council (an auditing agency that reports directly to the President) to locate institutions that have bought large quantities foreign currency. They also wanted to establish if manipulation occurred.

Record lows were reached by the lira this week, after Erdogan promised to maintain a policy that lowers interest rates. This year it has fallen as high as 45%, and about half those losses have occurred in the last week.

The currency fell as far as 13.45 to the dollar in a historic 15% selloff https://www.reuters.com/world/middle-east/turkish-lira-drifts-off-record-low-erdogan-defends-policy-rate-2021-11-23 on Tuesday that followed a speech in which Erdogan defended the central bank’s move to slash its policy rate to 15%, despite inflation of 20%.

He stated that Turkey is in an economic war for independence and will not be influenced to alter its course.

He said, “We’re seeing the games being played over exchange rates, interest rates, and price increases by those who wish to force our country out the equation.”

Turkey’s State Supervisory Council may demand relevant information and documentation from organizations and forward its findings to the relevant authorities, Anadolu, an official state newspaper, said.