Erdoğan vows tangible action to avoid repeat of fund crisis

ANKARA

President Recep Tayyip Erdoğan spoke to his Justice and Development Party’s (AKP) lawmakers on Oct. 21, 2026. (AA Photo)

President Recep Tayyip Erdoğan has reaffirmed that his government is implementing concrete measures to avoid a future fund crisis, informing that compensation for victims of the Ponzi scheme will commence immediately following parliamentary ratification of an upcoming bill.

“I would like to express this openly once more. We take this issue very seriously and are handling it with great sensitivity,” Erdoğan told his Justice and Development Party’s (AKP) lawmakers on Oct. 21.

Erdoğan noted that the 455,000 investors affected by the fund crisis, along with their families, make up a big segment of the population.

“We are addressing this matter with surgical precision, prioritizing the welfare of our nation above any political or personal calculations,” he said.

Türkiye has been dealing with a major financial crisis since mid-September after an investment bubble burst, forcing market regulators to shut down and cash out 131 manipulated investment funds. This led to the resignation of senior bureaucrats as well as AKP deputy leader Fatma Betül Sayan Kaya.

The opposition claims the cost of fund crisis to the Turkish economy has exceeded $100 billion.

Erdoğan outlined three government priorities to tackle the issue, making it clear that covering investor losses tops the list.

“Our coordination committee to tackle the fund crisis and our economy officials are meeting regularly and announce the decisions to the public opinion transparently. Once the bill currently on Parliament’s agenda takes effect, the payment process will speed up a bit more,” he stated.

The government’s second priority focuses on accelerating legal action against those behind the Ponzi scheme, Erdoğan said. “Our chief prosecutors are taking essential judicial moves in line with the evidence and testimonies,” he recalled.

“The third stage includes the measures needed to ensure we never face a similar problem again. Based on the comprehensive report to be prepared by our State Supervisory Council, as well as other studies conducted under our directives, every necessary step will be taken across institutional, individual and regulatory frameworks,” the president added.