Global marketsUpdated 6h ago

Regulator chairman says he asked Erdoğan for permission to step down

Asharq News reports that Turkey’s banking regulator chairman Şahap Kavcıoğlu said he asked President Recep Tayyip Erdoğan for permission to step down, citing recent allegations concerning himself and the agency. He said he sought to avoid further damage to the agency; this is his stated reason, and the request is not a completed resignation. The report says the crisis affected investments of about half a million people. Separately, a Turkish court ordered former minister Fatma Betul Sayan Kaya detained on November 6 on charges of violating capital-markets law and belonging to an organization formed to commit a crime; the charges are not findings of guilt.

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