BDDK Chairman Kavcıoğlu resigns

In a statement shared on social media, Kavcıoğlu said he had asked President Recep Tayyip Erdoğan to relieve him of his duties following allegations that recently emerged concerning both himself and the institution. He explained that his decision was intended to prevent further damage to the BDDK's reputation and expressed his gratitude to President Erdoğan.

The resignation follows developments within Türkiye's economic administration after the fund crisis that affected the country's capital markets. The BDDK had previously denied the allegations against the institution and Kavcıoğlu, describing them as baseless and announcing plans to initiate legal proceedings over the claims. Kavcıoğlu's departure has renewed attention on the implications of the ongoing fund investigation for Türkiye's economic bureaucracy.