23.10.2026 16:02
DEVA Party Chairman Ali Babacan, who met with citizens affected by the flood in Ayazağa, Istanbul, made striking statements regarding developments in financial markets. Claiming that the total loss of value in the markets exceeded 150 billion dollars, Babacan drew attention to the magnitude of the loss by comparing this figure with the value of Turkey's annual tea and hazelnut production.
DEVA Party Chairman Ali Babacan visited citizens affected by the flood disaster in Istanbul's Ayazağa neighborhood. Listening to the problems experienced by the residents of the area, Babacan also touched upon developments in the financial markets during the visit.
“FINANCIAL MARKETS ARE ALSO FACING A MAJOR DISASTER”
Comparing the damage caused by the flood with losses in the financial markets, Babacan argued that a serious loss of value had occurred in the markets.
Babacan said, “We see a disaster here, don't we? But right now, on the other side, there is also a major disaster in the financial markets. Do you know what today's figure is? There is money lost in 131 funds. Also, stocks that are not in that fund also lost value. The value of all companies fell. The value of all industrial facilities, our publicly traded companies, all of them fell. As of now, the total loss of value has exceeded 150 billion dollars.”
COMPARED THE LOSS TO TEA AND HAZELNUT PRODUCTION
Giving examples from agricultural production to explain the size of the loss he claimed occurred in the financial markets, Babacan drew attention to the economic value of Turkey's annual tea and hazelnut production.
Babacan said, “The entire annual tea production in Rize amounts to 1 billion dollars. Let's also include Giresun, Ordu, Sakarya, and Hendek. Turkey's entire annual hazelnut harvest amounts to 2 billion dollars. So we produce 1 billion dollars' worth of tea in a year. We produce 2 billion dollars' worth of hazelnuts. Right now, the damage in the financial markets is 150 billion dollars. You can calculate the rest.”
The calculation method and the period covered for the total value loss of 150 billion dollars mentioned by Babacan were not specified in the statement.