Erdoğan says fund market problem is under control

Turkish President Recep Tayyip Erdoğan said authorities have brought a problem in part of the fund market under control through decisive steps taken since 17 September. Speaking at the TİM 13th Innovation Week Program at the Haliç Congress Center, he said a Fund Coordination Board with full authority had been set up quickly.

Erdoğan outlined three priorities: paying investors in liquidated funds as soon as possible, with regular liquidation payments already under way and interim payments for extraordinary liquidations to follow once a bill submitted to the Grand National Assembly is enacted; holding to account those who gained unfairly through manipulation; and managing the process without harming capital markets.

He said those who turned 3 lira into 10, 20 or 30 lira within three to five months through market manipulation would be made to pay for those gains. He also criticised opposition figures and certain media for their handling of the issue, and said targeting capital markets over the fund issue was unacceptable, as they link savers with the real sector through an interest-free financial bridge.