Economy and macroUpdated 5h ago

Turkey regulator chief asks Erdoğan to accept his resignation

Şahap Kavcıoğlu, head of Turkey’s Banking Regulation and Supervision Agency (BDDK), asked President Recep Tayyip Erdoğan to allow him to step down, Asharq News and Asharq Al-Awsat reported Wednesday. Kavcıoğlu said he made the request because recent allegations concerning the agency and himself could cause further harm to the institution. The reports describe a request and do not say Erdoğan accepted it. His request comes amid an investment-fund crisis that began in mid-September. Asharq News reported that about half a million individual investors were affected and that the crisis was followed by judicial investigations and arrests of dozens of executives. Allegations linking the agency to the crisis remain unresolved, and the arrests are not findings of guilt.

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