Turkish Central Bank: Fund Crisis Not a Threat

Turkish Central Bank Governor Fuat Gürekhan stated that the investment fund crisis that hit Turkey, involving the liquidation of 131 funds managed by seven companies, does not threaten the stability of the financial system. The fund market continues to operate smoothly following regulatory measures. The sector faces a crisis related to the holdings of approximately half a million investors valued at $20 billion. A bill will soon be introduced to liquidate the distressed funds and pay investors their dues, with the bank prepared to intervene if necessary.

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