Turkey's banking chief Şahap Kavcıoğlu steps down following fund scandal

Şahap Kavcıoğlu, the head of Turkey's Banking Regulation and Supervision Agency (BDDK), has officially requested permission from President Recep Tayyip Erdoğan to step down from his role. The resignation comes amid intensifying allegations surrounding the regulatory body's connection to recent investment fund turmoil within the nation's capital markets.

In a public statement shared on social media, Kavcıoğlu rejected all accusations aimed at him and the authority. However, he stated that he chose to resign to protect the BDDK from suffering further reputational damage as public scrutiny mounts. Kavcıoğlu's departure represents the latest high-profile exit linked to the unfolding financial investigation.

Sources: Bianet, Cumhuriyet, Daily Sabah