Turkey Starts Liquidating 131 Funds
Turkey has commissioned İş Bank and Ziraat Bank to liquidate 131 investment funds managed by asset management companies, valued at over $18.3 billion, following a halt in trading. The funds faced liquidity issues, leading to a market decline of more than 5%. The measures include converting the fund assets into cash and distributing returns to investors, with an expected completion of the liquidation process within three months. This step is part of efforts to address market disturbances caused by credit and liquidity problems, while maintaining stability in the Istanbul Stock Exchange.
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