Erdoğan's warning on the stock market: He addressed the CMB and BIST management

AKP Chairman and President Recep Tayyip Erdoğan attended the Borsa İstanbul 150th Anniversary Bell Ringing Ceremony.

Speaking after the ceremony, Erdoğan said, "We cannot leave the field empty for the greedy who try to manipulate capital markets."

Highlights from Erdoğan's speech are as follows:

"We included Borsa İstanbul in the Wealth Fund in 2017. I congratulate our stock exchange, which has been striving for our country's growth and the increase of employment for exactly 1.5 centuries. Every event, good or bad, that has happened to our nation, from coups to economic crises, has also affected our stock exchange. We must also add global events, from wars to pandemics, to this.

When we look at the history of our stock exchange, we can also see the projection of our nation's struggle in the fields of economy and finance. The early years of the stock exchange coincide with the period when the Ottoman Empire struggled to pay its debts and finance capital was financially colonizing the country.

During this period, the perception that 'Turks lose and Levantines win' in Galata became established in society. For years, our stock exchange was turned into a platform where foreigners exploited domestic investors and the country's resources. The expression 'gambling on the stock market' instead of 'investing' was a reflection of this situation. The political establishment also helped this perception take root for the sake of a few votes.

HE TARGETED KILIÇDAROĞLU: THEY TRIED TO WEAKEN BIST

Finally, we saw this once again on the eve of the May 14-28 elections. A campaign aimed at weakening Borsa İstanbul was carried out by the opposition's candidate. Investors were frightened with 'we are bankrupt, we are finished' scenarios. Some mandate-seeking economists also applauded this frenzy. A different picture exists in developed countries. They do not try to win elections by disparaging the country.

With the deepening of capital markets, the real sector is financed, and an increase in savings is ensured. We cannot leave the field empty for those who try to manipulate the capital market, whether they are economists or brokers. We expect more sensitivity and effort from both the CMB and BIST on this issue. I want to emphasize that all the resources of our state are at your disposal during this process. With the steps we have taken, we have saved our stock exchange from the clutches of casino capitalism.

INFLATION MESSAGE

We have made many innovations in our economy and financial system. A radical transformation has taken place in our capital, our market, and our stock exchange. We believe that with the control of the rise in inflation, the flow of resources to our country will accelerate even further."

News Source: 12punto