Erdoğan says Türkiye's financial system resilient amid regional turmoil
2026-03-10 - 06:03
President Recep Tayyip Erdoğan declared Monday that Türkiye's financial system stands resilient and capable of absorbing potential shocks from the escalating regional conflict, citing strong liquidity and capital buffers in the banking sector. Speaking after a Cabinet meeting in Ankara, Erdoğan emphasized that the Turkish Central Bank's reserves have reached approximately $200 billion, underscoring the financial system's strength. Banking sector strength "Our central bank reserves are around $200 billion. Our financial system, with its solid capital structure and strong liquidity, has the capacity to absorb any risks," Erdoğan said. The president's remarks come as global markets experience volatility from the US-Israeli war on Iran, which has pushed oil prices above $100 per barrel and disrupted shipping through the Strait of Hormuz. Energy security assured Erdoğan stressed that Türkiye faces no risks to its energy supply security, thanks to investments, agreements and precautionary measures implemented in recent years. The assurance addresses concerns about potential energy disruptions as the Middle East conflict expands, with Iranian retaliatory strikes targeting Gulf energy infrastructure and the Strait of Hormuz closure threatening global supplies. Market stability measures The president added that regulatory authorities have taken swift steps to ensure the stable functioning of financial markets. "The Capital Markets Board and Borsa Istanbul have rapidly implemented regulations to ensure the safe and orderly functioning of the markets," he said, signaling proactive oversight amid regional turmoil. Iran trade continues Regarding trade flows with Iran, Erdoğan noted that there are no disruptions or congestion at Türkiye's three border crossings with Iran, despite the ongoing conflict. The confirmation indicates that commercial ties between the two neighbors remain operational even as Türkiye publicly voices concerns about Iranian missile violations of Turkish airspace and advocates for de-escalation.