Turkish banking chief Şahap Kavcıoğlu steps down following fund allegations

Şahap Kavcıoğlu, head of Turkey's Banking Regulation and Supervision Agency (BDDK), has requested permission from President Recep Tayyip Erdoğan to step down from his post. The decision follows growing allegations linking the regulatory authority and Kavcıoğlu to recent turmoil surrounding investment funds in the country's capital markets.

In a statement published on social media, Kavcıoğlu denied the accusations but explained that his resignation was intended to prevent the regulatory body from suffering further reputational damage amidst ongoing public debate.

Sources: Bianet, Cumhuriyet, Daily Sabah