President Recep Tayyip Erdoğan is due to meet his economic team and the heads of relevant institutions on Sept. 29 as Türkiye weighs further steps in response to the turmoil in the investment fund market.
The meeting comes a day after Erdoğan said the government would move quickly on administrative and legal changes aimed at strengthening the functioning of capital markets and preventing similar problems.
Treasury and Finance Minister Mehmet Şimşek and Justice Minister Akın Gürlek briefed the Cabinet on Sept. 28 on measures taken since the fund crisis emerged earlier this month.
Erdoğan said the problems were confined to a limited part of the fund market and had not spread to the wider financial system.
“Türkiye’s financial system is strong,” he said.
“There is no risk that has spread to our financial system.”
He also said those found to have engaged in market-disrupting activities through investment funds would be held accountable, while work on the liquidation of closed funds was continuing.
The issue is expected to remain high on Ankara’s agenda when parliament opens its new legislative year on Oct. 1.
Erdoğan is expected to address the fund crisis during his opening speech to lawmakers, alongside domestic and foreign policy issues.
The ruling Justice and Development Party (AKP) is also considering seeking a parliamentary inquiry into the crisis, according to the report.
Markets have remained under pressure amid the investigations. The BIST 100 index fell 2.38 percent on Sept. 28 to close at 12,592.76 points, after dropping as low as 12,455.53 during the session.
The Capital Markets Board (SPK) has meanwhile continued work on the liquidation of the affected funds and on repayment procedures for investors.
