Türkiye's capital markets are resilient and have strong foundations, President Recep Tayyip Erdoğan said Monday as he reiterated that the recent issue in the market is "restricted" to a segment of the market and vowed necessary legal action.
"The Turkish capital markets are resilient and have strong foundations. They have more than enough capacity to overcome this challenge with ease," he said in live remarks after the Cabinet meeting in Ankara.
"When the peace of our people is at stake, and when the economic security, prosperity, and development of our 86 million citizens are at stake, we will not show even the slightest hesitation in taking action," he added.
He also went on to say that authorities "are proceeding with the utmost caution," given the nature of capital markets, and added that work concerning the liquidation process of the funds that have been closed "is being carried out meticulously."
"Türkiye has an economic size approaching $2 trillion today. Türkiye's financial system is strong," Erdoğan also said.
Legal proceedings against those involved in market-distorting transactions in the fund market are continuing, Treasury and Finance Minister Mehmet Şimşek said earlier on Monday, adding that liquidity measures needed to support financial stability would be maintained.
Authorities moved in quickly earlier this month to ensure market stability and launched investigations into suspected share-price manipulation in a number of thinly traded stocks that triggered heavy losses and redemption pressures at investment funds.
