ijra — Live news map of the Middle East, Sudan and Pakistan

Turkey's chief banking regulator Kavcioglu resigns as $20 billion fund scandal widens

Türkiye ·

Sahap Kavcioglu said he asked President Recep Tayyip Erdogan to relieve him of his duties to prevent further damage, amid allegations concerning the agency and himself. The resignation came on Wednesday as an investigation into a collapsed group of investment funds worth about $20 billion reached deeper into the financial bureaucracy.

Turkey's banking regulator supervises the country's banks and wider financial sector, and Recep Tayyip Erdogan has led Turkey since 2003.

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