Banking has passed test: Deputy PM

ISTANBUL - Anatolia News Agency

The Turkish banking system has been tested and prevailed, Deputy Prime Minister Ali Babacan said yesterday at the Turkish Banks Association’s 55th General Assembly.

Given the economic turmoil in Europe, the Turkish banking sector has displayed a very unique performance, based on the reforms that have been implemented, periodic audits and proper structuring, Babacan said. He also praised the banking sector for conforming to the rules put in place.

“It is because of solid management that the Turkish banking sector is where it is today,” Babacan said. The Turkish branches of United States and European banks perform better than branches in the original countries, because these banks are forced to comply with the Turkish banking sector’s rules and regulations, he said.

Commenting on the future taxing policy of the government, Babacan said no hike was on the agenda currently. “However, if the budget balance comes to an undesired point, we might consider steps in terms of spending or income,” he said.

On Turkey’s new trade code, he said a delay from the current deadline of July 1 was possible since the code needed more study on details.