Turkish Finance Minister Mehmet Simsek has announced the postponement of the government’s plan to tax stock trading, after a flurry of reactions from traders.

The Turkish government was considering imposing what it described as a “very limited” tax on stock trading. Turkish traders said such a move by the government would increase supplies, while putting pressure on trading volumes.

Reports in the past few days that the government is considering imposing a tax on profits on shares, as well as imposing a tax on transactions sent Turkey’s stock market down. A Bloomberg report then reported that the government did not plan to tax gains on stocks, while Turkish officials in public statements ruled that out. And while losses on the stock market were limited, uncertainty regarding the tax on transactions remained.

In a post on Platform X on Thursday, Simsek said discussions on such a tax would be revisited in the future.

Equity investments have become a popular investment method for many Turks looking for a “lifeline” in the face of skyrocketing inflation, which last month reached 75%.

The main index of the Istanbul Stock Exchange, BIST 100, has a total market capitalization of about $269 billion. Last month’s average trading volume was $3.3 billion, about three times more than three years ago, according to Bloomberg data.