Turkey orders banks to liquidate 131 distressed funds

Turkish authorities have launched a move to liquidate and manage assets of 131 underperforming investment funds affiliated with the Ministry of Agriculture and the state bank, valued at over $18 billion and involving approximately 350,000 investors. This step comes after some funds failed to meet redemption requests due to tightened regulatory rules, leading to a sharp sell-off in the Turkish stock market and harming small-cap stocks. Four financial officials have been detained on charges of market manipulation and operating fraudulent schemes. Meanwhile, the Minister of Finance confirmed that there are no systemic risks threatening the financial sector. Banks are managing the sale of fund assets gradually and distributing proceeds to investors, while funds affiliated with the "Zara'at" company have experienced cash inflows to support market stability.

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