Turkish president vows decisive action over problems in part of fund market

Turkish President Recep Tayyip Erdogan on Wednesday said that Türkiye is taking decisive steps to address problems in part of its fund market, pledging that authorities will not tolerate negligence, legal violations or misconduct.

"We are addressing the issue that has emerged in a certain part of the fund market and are taking the necessary steps one by one with great determination," Erdogan said.

He made the remarks at a legislative year opening meeting with Justice and Development (AK) Party members in Ankara.

"Our economic management is following the issue, taking measures and implementing the steps needed to ensure that financial markets emerge from this crisis stronger," Erdogan said.

He said the State Supervisory Council is conducting a comprehensive investigation into the fund-related issue and pledged that authorities would not tolerate wrongdoing.

"Our State Supervisory Council is examining this matter in all its dimensions. We will not tolerate even the slightest negligence or any violation of the law and rules," he added.

The president also highlighted the newly established Fund Coordination Board, chaired by Vice President Cevdet Yilmaz, saying its primary task is to resolve the issue.

"The primary agenda of our Fund Coordination Board, established under the chairmanship of our vice president, is to ensure that this issue is resolved," Erdogan said.

"Our board will work intensively and will swiftly overcome this problem, which has cast an unfair shadow over our capital markets," he added.

Government vows to protect investors

Erdogan said the government was also monitoring the issue from the perspective of investors and working to ensure that citizens' savings are repaid without creating an additional burden on the public.

"We are following the investor dimension of the issue. Without imposing a burden on the public, we are carrying out the necessary processes to ensure that our citizens' savings are paid," he said.

He warned that those seeking to exploit the situation would ultimately lose, while Türkiye and its citizens would emerge stronger.

"Those who trade in disaster in an attempt to wear down the Turkish economy will lose, while our country and nation will gain many times more," Erdogan said.

"Turkish capital markets will rid themselves of their dead weight, be cleansed of parasites feeding on the savings of small investors, and our financial market will continue on its path," he added.

Erdogan also warned those accused of obtaining illicit gains that they would face accountability.

He added that the political dimension of the investigation could not be separated from broader questions of morality and faith.

"For us, the political dimension of the issue is never separate from conscience, morality and faith," Erdogan said.

Erdogan highlights economic performance

The Turkish president said the government was pleased to see inflationary pressures on rent, education and food prices are beginning to ease, while stressing its commitment to protecting employment and livelihoods.

"We are determined to protect our people's jobs and livelihoods. No matter the cost, we are determined not to compromise on this," he said.

Erdogan also highlighted Türkiye's export performance, saying exports had risen sharply since his government took office.

"We are proud to have increased our exports from $36 billion when we took over in 2002 to $284 billion," he said.