About 3,000 real-sector firms in Turkey held 116 billion lira in funds under liquidation as of 15 September 2026, according to an analysis published by the Central Bank of the Republic of Türkiye (CBRT) on its Merkezin Güncesi blog. Of that total, 57 billion lira was invested in money market funds.
Limited footprint in the real sector
The exposed firms account for about 1.2 percent of real-sector total assets, 0.6 percent of employment, 0.9 percent of turnover, 1.1 percent of exports and 0.9 percent of commercial loans.
The analysis says the impact is not uniform across firms. Firms with fund investments continue to have access to credit, and their use of short-term lira loans has grown as a share of total short-term lira lending in weekly data.
Channels of transmission
The authors say fund market developments can reach the real sector through several channels. Firms’ inability to reach their remaining funds, and the effect of that on supply relationships, could weigh on spending and investment decisions. Falling financial asset prices, tighter financial conditions and weaker confidence could do the same for firms and households.
The analysis does not reach a conclusion on the total effect of fund market developments on the real sector, the authors note.
