According to an article by journalist Elias Siakandaris
on the website newmoney.gr,
the bank-run in Turkey has begun,
and this was proved by the announcement of the data on the August trade deficit,
which confirms with official figures
that the Turkish citizens do not trust the Turkish currency
due to its constant devaluation
and so, they rush in panic to turn it into dollars or gold.
As the data showed,
the trade deficit reached 6.31 billion dollars
and was the largest deficit in two years,
increased by 170%, compared to August 2019.
According to the report,
gold imports to Turkey in August
amounted to 4 billion dollars,
that is, approx 58 tons of gold.
Most gold purchases are made in jewelry stores,
due to the high bank charges imposed by President Erdogan,
as well as has imposed high commissions
when you buy foreign currency, from foreign exchange offices.
The report also mentions
the way that Turkish president has found,
so that fictitious dollar reserves appear
in the Turkish central bank.
Specifically, it states that the Turkish citizens
traditionally deposit their US dollars in foreign currency accounts in commercial banks
but the Turkish government has forced these commercial banks
to place much of these US dollars
in special accounts at the central bank of Turkey.
Thus, with this "forced" lending,
the Central Bank of Turkey registers the "borrowed" dollars, to its own logistic books
and displays fictitious available dollar reserves.
The article also mention about the US dollars that are coming from undisclosed sources,
as well as for the borrowed dollars from Qatar
and for the money that the Turkish government will receive
in the form of compensation and projects from Libya,
as well as from other "dark" sources
and which help to hold the complete collapse of the Turkish lira.
A slump that is constantly getting worse.
Yesterday, the exchange rate of the Turkish lira against the US dollar
fell to a new low,
and in particular, to 7.4453 Turkish lira = 1 
 US $.
Finally, he points out that the financial bubbles" at some point they break
and the borrowed US dollars become also demandable
and in this case the only solution will be Capital Controls
to stop the uncontrolled bankrun and the bankruptcy of the Turkish economy.
He does not forget to refer to the geopolitical confrontation of Turkey,
with France and Greece, over the maritime zones in the Eastern Mediterranean
that make the problem worse, but also to emphasize
that in the midst of nationalist chants by Erdogan's government,
the Turkish citizen is trying to protect its purchasing power.
And the truth is that there are several reports
that are saying that President Erdogan is trying, through the creation of a Greek-Turkish crisis,
in which Turkey obviously, is wrong and violates the international law,
to rally and bring Turkish citizens closer to him
but above all, to turn public opinion to another issue,
since the poor financial management of his government
will soon bring the economic disaster to Turkey.
Because all this economic growth
and the ambitious projects of recent years
were done with borrowed money.
The living conditions of Turkish citizens may have improved in recent years,
but this was done with loans,
and at some point you repay the loans ...
...that's life...
...and capital controls are very close!!!
