Following the confusion in the markets after the arrest of Istanbul Metropolitan Municipality Chairman Ekrem Imamoğlu, Turkiye’s Treasury and Finance Minister Mehmet Şimşek and the Governor of the Central Bank of Turkiye (CBRT), Şahap Kavcıoğlu, met with foreign fund leaders.

Axar.az reports that Kavcıoğlu stated that they would do everything necessary to calm the market turmoil.

Kavcıoğlu mentioned that this situation is temporary.

He also shared information about how much foreign currency the CBRT sold to mitigate the shock in the markets during the first three days of the investigation into the Istanbul Metropolitan Municipality.

According to sources who attended the meeting, on the first day, March 19, $10 billion was sold, and on the second day, $3 billion worth of sales took place. The highest demand in the market occurred on the third day, March 20. On that day, the CBRT sold $12 billion.

Thus, a total of $25 billion was sold in three days.