The Turkish government needs to give more details on why there has been such a big increase in its budget’s net errors and omissions. Inflows from this margin have reached some $15 billion over the past year. Various explanations have been offered; none is satisfactory. What is clear is that the money has saved the currency from a more severe decline and helped delay an IMF deal.
One explanation is that a tax amnesty has been the cause of the inflows but the...
