Erdoğan says Türkiye still 'financial hub' amid global uncertainty

ISTANBUL

President Recep Tayyip Erdoğan has argued Türkiye's recent financial initiatives are solidifying its position as a financial powerhouse, attracting both domestic and international investors.

During his address at the 150th-anniversary celebration of Türkiye's exchange entity Borsa Istanbul on Dec. 22, Erdoğan highlighted the increasing trust in the country's stock market, both domestically and internationally.

The president attributed Türkiye's appeal to its "successful fiscal program" implemented during a period of global risk aversion. "As a result of the fiscal program we implemented at a time when the risk appetite all over the world declined, Türkiye maintains its status as a center of attraction," he stated.

"In recent years, we observe that the trust in the Turkish stock market has been increasing both at home and abroad."

Erdoğan said foreign capital continues to flow into Türkiye through the stock market, playing a pivotal role in financing economic growth. "As a country that has attracted more than $255 billion in international investment in 21 years, we will focus on deepening our capital markets in the coming period," he added. 

He expressed the government's intention to create an environment where citizens "can invest their savings with confidence," while acknowledging a considerable potential in participation finance system and Islamic investment instruments.

Meanwhile, Erdoğan cautioned against the influence of "politician and economist greedheads who manipulate the market," urging the Capital Markets Board (CMB) and Borsa Istanbul stakeholders, particularly those involved with the main BIST-100 index, to be more sensitive.

The president argued the impact of speculative narratives on investors' sentiments, particularly during election periods. Drawing a comparison with developed countries, he noted that "denigrating the capital market for political gains is not a norm," emphasizing the need for responsible discourse.

"Financial liberalization, free foreign exchange regime and integration with the global economy have been our fundamental principles during our period in power," Erdoğan said, reflecting on Türkiye's perceived liberation of its stock exchange from what he referred to as the "grip of casino capitalism."