Minister of Treasury and Finance Mehmet Şimşek announced in the NTV broadcast that he attended that there is no systemic risk in the stock market and fund market.
Minister Şimşek, there are market distortion activities in a limited number of funds, what was necessary was done. Şimşek said that what happened was a liquidity problem in a limited number of funds.
The highlights of Şimşek’s statements are as follows:
“The CMB detected problems in 131 of 2038 funds. 90 percent of the fund market functioned properly.
Hedge funds, like money market funds, will be required to invest at least 10 percent in low-risk Treasury securities. The measures taken are sufficient at this stage.
Savings finance company is a different field, a field similar to banking, the process is a little different there, Emlak Katılım started a process to protect investors yesterday.
The hedge fund space is so heavily regulated that it is very unlikely something similar will happen again.
There is no problem in the field of non-bank finance sector at the moment, but that field is growing rapidly and it is essential for us to monitor it more closely and keep the resources in the right areas.
We announced a series of measures yesterday, but we did not announce some of them. We always have A, B, C scenarios ready against such scenarios.
First, we took precautions regarding the liquidity problem, otherwise this could have turned into a credit problem over time.
The liquidation process will not put the stock market under pressure.
CMB has done its part, from license revocation to criminal complaint, and from now on, those who make mistakes will face the consequences, without any discrimination, through the judicial authorities’ process.
We tried to fight against Eşelmobil, but let’s be realistic, it too has an end, we will complete the year with inflation at a level of 28-29 percent, this is what the market expects.
