Fund Crisis in Turkish Markets and Its Economic Impacts Evaluated
While the impacts of the September fund crisis on Borsa İstanbul and investors continue, experts have laid out inflation, growth, and the need for new regulations on the table.
Following the fund crisis experienced in Turkish markets in September, sharp losses were seen in Borsa İstanbul, while experts evaluated the economic and social reflections of the crisis.
Borsa İstanbul and the Fund Crisis Process
Following the fund crisis that began in Turkish markets in September, the sharp losses and investor outflows experienced in Borsa İstanbul continue to impact the economy. Last week, the BIST 100 index fell by 4.88 percent, closing at 12,270.18 points.
Following the initiation of the liquidation process for companies and funds and the announcement that interim payments will be made to affected investors, Borsa İstanbul completed Monday, October 5, with an increase of approximately 1.5 percent. However, the limited recovery in the stock market does not mean that the effects of the crisis are over.
Inflation Data and Expectations
According to TÜİK data for September 2026, consumer prices increased by 1.84 percent monthly. Annual inflation dropped to 29.73 percent, falling below 30 percent for the first time since November 2021.
Economists state that besides food prices, the weakening in domestic demand was effective in September's decline. The rise in oil prices, on the other hand, poses a new inflation risk for the final months of the year.
Expert Opinions and Election Economy
Prof. Dr. Erhan Aslanoğlu emphasized that the weakening in domestic demand was effective in keeping inflation below expectations. Aslanoğlu stated that the decline in spending following the fund crisis could briefly pull inflation downward.
Noting that an election economy period will be entered in 2027, Aslanoğlu stated that growth will not be compromised and upward movements in inflation may be observed again. He also stated that comprehensive legal regulations are needed to prevent the crisis from recurring.
Investor Losses and Portfolio Data
According to the calculations made by Phoenix Consulting founder İris Cibre over MKK data, the accounts of approximately 364,700 investors dropped to symbolic levels in September. Outflows and value losses in portfolios exceeding 10 million TL reached 1.94 trillion TL.
This group includes investors who suffered losses or withdrew the majority of their money, leaving a balance between 0.1 TL and one thousand TL in their accounts.
Evaluations by Credit Rating Agencies
Fitch Ratings Senior Director Douglas Winslow stated that no systemic risk or dollarization pressure has formed so far due to the investigations, and they do not expect it to have an impact on the rating.
S&P Global Ratings analyst Karen Vartapetov, on the other hand, stated that if developments are contained, no downward pressure will form on the credit rating.
Income Inequality and Social Policies
According to research by Prof. Dr. Erinç Yeldan and Bingül Satıoğlu, as of August 2026, annual inflation for the richest 10 percent was 32 percent, while this rate reached 51 percent for the poorest 10 percent.
Arguing that direct social supports such as a citizen's basic income must be provided, Yeldan stated that what has been experienced has now become a political and law enforcement event.