President Recep Tayyip Erdoğan pledged swift changes to capital market rules on Sept. 28, saying the investment fund crisis had not spread to Türkiye’s wider financial system.
Speaking after a Cabinet meeting in Ankara, Erdoğan said he would meet his economic team and the heads of relevant institutions on Sept. 29 to discuss further steps.
“Türkiye’s financial system is strong,” he said, describing the problems as confined to a limited part of the fund market.
He said the country’s capital markets had solid foundations and the capacity to withstand the difficulties.
“We will swiftly introduce administrative and legal changes to improve the functioning of our capital markets,” Erdoğan said, stressing the need to prevent similar problems.
The justice and treasury and finance ministers had given the Cabinet detailed briefings on measures taken so far, he said.
Work on liquidating closed funds was proceeding carefully, while investigations continued into suspected unlawful gains through fund and share trading.
Those found to have used funds for market-disrupting activities would be held accountable before the law, he added.
Erdoğan said the government would not tolerate violations of citizens’ rights through market manipulation or corruption.
He also criticized opposition figures, saying no one had the right to damage the economy or unsettle investors for political gain.
He objected to what he described as attempts to discredit Türkiye through articles in foreign media.
Reviewing his visit to New York for the U.N. General Assembly, Erdoğan said he had held bilateral talks with 17 heads of state and government.
He also attended a meeting involving the United States and Gulf Cooperation Council countries, where he discussed efforts to restore regional peace and stability.
The Cabinet also reviewed existing school security measures and discussed additional precautions, Erdoğan said.
