ISTANBUL, Nov. 4 (Xinhua) -- Türkiye will intensify efforts to combat market manipulation through stricter regulations and heavier penalties, Finance and Treasury Minister Mehmet Simsek said on Tuesday.
Speaking at the Capital Markets Congress in Istanbul, Simsek said stronger deterrents were needed to protect investor confidence and maintain stability in the country's financial markets.
"There is a need for new regulations in this field. Making penalties much heavier is on our agenda," he said. "If we cannot effectively fight manipulation, confidence in this sector will remain weak. That is why this is our top priority."
Simsek said improving financial literacy was also crucial to strengthening market integrity. "Financial literacy is one of the key dimensions of this struggle. But beyond that, we will strengthen the regulatory framework and intensify our fight against manipulation," he added.
The minister said the government was aware of certain manipulative activities, particularly involving some investment funds, and was working to close regulatory loopholes, without giving details.
Simsek's remarks come as Ankara seeks to bolster stability and credibility in its financial system under a broader set of economic reforms. Authorities have tightened oversight of market activities in recent months, launching investigations into suspected manipulation and detaining several individuals. ■