Fund crisis under control, Erdoğan says

ISTANBUL

President Recep Tayyip Erdoğan has said the ongoing multibillion-dollar fund crisis is now under control, vowing that strategic precautions will be taken to ensure the stability and integrity of the Turkish capital markets.

“With the decisive steps we have taken since Sept. 17, we have brought the problem under control. We are conducting the operation with a surgeon’s precision. We are resolving the issue in the most equitable manner with resolute, careful and precise steps,” Erdoğan said in an address at an event organized by Türkiye Exporters Assembly (TİM) on Oct. 16 in Istanbul.

The president referred to a fund crisis that triggered an estimated $20 billion in damages across nearly 456,000 investor accounts. In response, the government has drafted a 10-article legislative bill to overcome the crisis and compensate affected investors under specific conditions.

Erdoğan explained that the government has three priorities in tackling the crisis. “Our first priority is that the savings in the funds slated for liquidation are to be paid out to investors as quickly as possible. Payments within the framework of regular liquidation began last week. They are continuing without any problem,” he said.

Second priority is to hold those who obtain unfair profits through manipulation accountable before the law, Erdoğan stated, recalling that the investigations are being deepened in the light of judicial processes.

“Our third priority is to manage this process without harming the capital markets. We have acted with great care since day one,” Erdoğan said, vowing they will not allow actions and statements that aim to criminalize Turkish capital markets.

He criticized the opposition parties for describing the situation as a crisis and trying to ruin the reputation of many people, calling them not to attack on Türkiye’s capital markets for political consumption.