Turkey’s Capital Markets Board (SPK) said it has launched an investigation into social media posts falsely claiming the resignation of Turkish Finance Minister Mehmet Simsek, which led to a sharp decline in the Istanbul Stock Exchange.
The Authority explained that investigations are ongoing into the accounts that “misled stock exchange investors and caused them losses.”
According to Bloomberg, these posts, which spread on sites such as YouTube and X, raised concerns about the sustainability of the Turkish government’s plans to combat one of the highest inflation rates in the world.
The Istanbul Stock Exchange’s main BIST-100 index fell 2.6% on Friday, closing at 9,668.10 points.
Reacting to the allegations, Şimşek denied his resignation in a post on X, saying: “I have not resigned. The scenarios being circulated are not true.” He stressed that Turkey’s economic management works as a team, pointing to President Recep Tayyip Erdoğan’s support for the team’s efforts.
I don’t know what to do when I don’t know what to do!
İstifa etmedim. What’s the next generation to do?
– It’s easy to use it. You are welcome and sorumluluğun farkındayız. But I will be happy to hear from you…
— Mehmet Simsek (@memetsimsek) August 23, 2024
Simsek took over the Turkish economy in mid-2023, and is part of a technical team seeking to reorient Turkey’s economic policies away from unconventional policies that favored economic growth over price stability.
However, consumer complaints are growing that price increases are outpacing their incomes, making it difficult for households and businesses to manage their debt.
“The economic stabilization and reform program is working successfully, and we have started to achieve the results we are targeting,” Simsek added.
