EXCHANGE President Tayyip Erdoğan, who attended Istanbul’s 150th anniversary bell ringing ceremony, said: “As a result of the financial program we have implemented, Turkey maintains its status as a center of attraction for international capital. “We believe that the flow of resources to our country will accelerate once the increase in inflation is brought under control,” he said.
The ceremony was held in Sarıyer Borsa IstanbulIt was done in . President Tayyip Erdoğan rang the 150th anniversary gong installed in the ancient city of Aizanoi in Kütahya’s Çavdarhisar district, home to the world’s first stock exchange, via video link.
Erdoğan said he believed the flow of resources to Turkey would accelerate once the increase in inflation was brought under control, saying, “We are determined to create an environment where our citizens can evaluate their savings with a calm mind and offer them the benefit of the real economy.” “As inflation stabilizes, the depth of our equity market will increase and our investors will have easier access to financial resources,” he said.
‘150 YEARS OF LIVING WITNESS’
Erdoğan pointed out that the stock market is among the closest witnesses to the ups and downs of the historical journey of the past 1.5 centuries, and also highlighted how open the stock market is to manipulation. Erdoğan said that the stock market has not been able to fulfill its primary duty for many years and that foreigners have been stealing domestic investors and the country’s resources. He said that it has become a platform that he has abused through various manipulations.
“So much so that during this period, the notion that ‘the Turks will lose in Galata’ became a widely accepted opinion in society,” Erdoğan said, continuing:
“This perception of the early periods of our stock market was later reinforced. Although our stock exchange was inherited from the Ottoman Empire, it could not fulfill its primary duty for many years. For years, it became a platform where foreigners exploited domestic investors and the country’s resources through various manipulations. A reflection of this situation was the expression “playing the stock market”, which spread into the everyday language of our people instead of investing in the stock market.
“INVESTORS WERE SCARED”
The political establishment helped entrench this perception by targeting the stock market to get a few more votes. Investors were spooked by the “we’re broke, we’re out” scenario. However, the picture is different in developed countries, especially in continental Europe. What politicians are criticizing the country’s capital market here? vote He dreams of victory, even the system does not allow such manipulation.
Call CMB and BIST
Erdoğan called on the CMB and BIST: “We need to take a more decisive stance. Whether a politician or an economist. We cannot leave the field empty for greedy people trying to manipulate the capital markets. “We want both CMB and BIST to show more sensitivity on this issue,” he said.
“GASINO CAPITALISM”
“With the steps we have taken since we took office in 2002, we have managed to save our stock market from the grip of casino capitalism,” Erdogan said, continuing as follows:
“Thanks to the innovations and regulations we have implemented over the past 21 years, our capital market and stock exchange have undergone a radical transformation. With the opening of the Istanbul Financial Center, Turkey’s central position in the financial field has increased even more. The high growth potential of the Turkish economy has attracted the attention of both international and domestic investors. In recent years, we have observed that interest in the Turkish stock market has increased both domestically and internationally. “Turkey continues to attract foreign capital through the stock market, that is, it provides financing for its economic growth.”
President Recep Tayyip Erdoğan was accompanied by Minister of Finance and Finance Mehmet Şimşek and Chairman of the Grand National Assembly of Turkey Numan Kurtulmuş, as well as former Prime Minister Tansu Çiller, when ringing the bourse’s 150th gong.
ŞİMŞEK: THE STOCK EXCHANGE IS NOT A PLAYGROUND
EXCHANGE Finance and Finance Minister Mehmet Şimşek said at the 150th anniversary program in Istanbul: “The stock market is not a playground. “The work done by the CMB will be much more effective at this point in the coming period,” he said.
“If there is a magic wand, it is this: If we want to channel our savings into investment, production, employment and exports, we must ensure strong price stability,” Şimşek said, adding, “There has been serious progress in this regard. . There is a loss of momentum in monthly inflation. Our capital markets will also be much stronger. “Our economy will grow faster than the rest of the world,” he said.
‘FORECAST WILL INCREASE’
Minister Şimşek said that there is a serious demand for TL assets as a result of the policies in place, “predictability will increase with MTP in the coming period.”
Minister Şimşek continued his words as follows: “An important goal of OVP is the deepening of capital markets. In addition, increasing financial literacy is also very important. Honestly, I want to emphasize financial literacy. We currently see that 8.6 million of our citizens have invested in the stock market in some way. All our citizens therefore need support in financial literacy through educational curricula. I believe that with the development of capital markets and inflation falling into the single digits, our companies will have access to capital-like resources at a much more reasonable cost in the long run. Because it will strengthen our participation in global competition. Our stock exchange is therefore a very important capital market institution and its healthy functioning is very important to us. “A healthy stock market will be the most important driver for our companies to access healthy financing.”