Central Bank of the Republic of Turkey (CBRT), "Fund Liquidations and the Real Sector: What Do Firm Data Say?" He published his work titled.
In the study conducted by CBRT General Manager Ünal Seven and CBRT Manager Kadir Gürci, the fund assets, sectoral distributions, weight in the economy, supplier connections and credit utilization of the companies that invested in the funds included in the scope of liquidation with the decision of the Capital Markets Board (CMB) dated September 17, 2026 were discussed.
### 3 THOUSAND COMPANIES HAVE 116 BILLION LIRA INVESTMENTS IN THE FUNDS
According to the CBRT's study, as of September 15, 2026, approximately 3 thousand real sector companies have a total investment of 116 billion lira in funds within the scope of liquidation. While 57 billion liras of this amount is in money market funds, the remaining part is in stock funds and other fund types.
Thus, it can be seen that approximately half of the companies' investments in these funds are collected in money market funds. There is no significant concentration in the sectoral distribution of companies.
### WHAT IS THE SHARE OF COMPANIES IN THE ECONOMY?
CBRT also revealed the weight of the companies invested in the liquidation funds in the Turkish economy.
Accordingly, the companies in question constitute 1.2 percent of the real sector's total assets, 0.6 percent of its employment, 0.9 percent of its turnover, 1.1 percent of its exports and 0.9 percent of its commercial loan balance.
The Central Bank emphasized that the risks of companies arising from fund investments are not at the same level and divided the companies into three groups according to their fund exposure. Each company's investment amount in the relevant funds was evaluated in proportion to its current assets in the last year's balance sheet.
According to the analysis, the share of companies with high fund exposure in employment and turnover remained at 3 per ten thousand. The share of these companies in total commercial loans was calculated as 2 per ten thousand.
These data indicated that the total weight of companies with high fund exposure in the economy was relatively low.
### SUPPLIER COMPANIES WERE ALSO ANALYZED
In the CBRT study, not only the companies with direct fund investments but also the suppliers that have commercial relations with these companies were examined.
In the study, which pointed out that changes in a company's financing or liquidity conditions may be reflected in other companies through commercial connections, suppliers that make sales to fund investor companies were identified.
Accordingly, suppliers whose share in total sales is over 5 percent of companies invested in liquidation funds constitute 1.2 percent of the total employment in the Turkish economy and 1.5 percent of the total turnover.
However, it was stated that these rates decreased significantly when companies in the low exposure group were excluded from the analysis.
### CREDIT USE OF COMPANIES INCREASED DURING THE LIQUIDATION PROCESS
One of the important topics of the study was access to credit for companies with fund investments.
CBRT pointed out that the difficulties that may be experienced during the liquidation process, especially in meeting short-term liabilities, may increase the working capital needs of companies.
According to weekly data, the share of short-term TL loans used by these companies in total short-term TL loan usage increased.
The Central Bank evaluated that this outlook indicates that companies with fund investments continue to have access to credit.
In addition, the CBRT stated that the changes made on October 1, 2026 to support macrofinancial stability and banks' liquidity management were also effective on the credit outlook.
### LIQUIDITY RISK AND FINANCE WARNING FROM CBRT
In the conclusion of the study, the weight of the companies invested in the funds under extraordinary liquidation and the suppliers of these companies in the economy was revealed.
However, the CBRT emphasized that the liquidity difficulties faced by companies should not be seen as unimportant due to these data. It was stated in the study that the findings did not provide a definitive result regarding the total impact of the developments in the fund market on the real sector.
It was noted that declines in asset prices, tightening in financial conditions and loss of confidence may also affect consumption, investment and production decisions.
According to the CBRT, steps supporting banks' liquidity management and regulations supporting SMEs' and private sector bond issuers' access to finance can help limit possible risks. It was evaluated that the progress to be made in the liquidation process could also contribute to mitigating the possible effects on the real sector.
