Fund repayments in focus as parliament resumes work

ANKARA

Parliament will resume legislative work on Oct. 6, with payment problems affecting about 450,000 fund investors expected to feature in debates alongside bills on the Turkish Red Crescent and foreign accommodation platforms.

Lawmakers are expected to raise the fund payment issue through parliamentary motions. Officials from the ruling Justice and Development Party (AKP) are also considering safeguards to prevent similar problems.

Options include caps on the combined holdings in individual stocks of funds managed by the same company, minimum thresholds linked to stress tests and early warning mechanisms.

Central Bank Governor Fatih Karahan will brief the Planning and Budget Commission on Oct. 6 on global developments, Türkiye’s economy, inflation and monetary policy. He is also expected to discuss the possible monetary policy implications of disruption in the fund market.

The General Assembly will first debate a bill setting out the Turkish Red Crescent’s duties, powers, rights and exemptions.

The proposal would make the organization solely responsible for receiving and using cash and in-kind aid sent to Türkiye by the International Federation of Red Cross and Red Crescent Societies, the International Committee of the Red Cross and national societies.

Meanwhile, the Public Works, Reconstruction, Transportation and Tourism Commission will consider legislation regulating foreign online accommodation platforms, including Airbnb and Booking.com.

The bill would require these platforms to obtain permits from the Culture and Tourism Ministry. Existing operators would have three months to apply after the legislation takes effect.

Platforms would also pay a contribution of 0.075 percent to the Türkiye Tourism Promotion and Development Agency, calculated on their digital services tax base.

The legislation could pave the way for Booking.com to resume domestic reservations made from within Türkiye, which have been restricted since 2017.

Political parties will also resume their parliamentary group meetings on Tuesdays and Wednesdays, with leaders expected to address the fund payment problems.