President Recep Tayyip Erdogan has frequently accused foreign powers of orchestrating the currency crisis, and at a huge campaign rally in Istanbul on Sunday, he accused unnamed actors in the financial sector of trying to provoke a run on the lira.

“We all know who you are, we all know what you are all doing,” he said. “You should know that after the elections, we will make you to pay a heavy price. You would not be able to exploit this nation. You would not be able to cheat this nation.”

Economists, though, say a loss of confidence in the management of the economy and rule of law in Turkey is behind the weakening of the lira.

It is unclear how the inquiry will progress or what penalties could be imposed, but the board said it would undertake “necessary administrative and legal proceedings.” In a related announcement, the Capital Markets Board of Turkey said it was conducting its own investigation into JPMorgan over the same report.