Posted by meb at May 21st, 2008

The total assets of Turkey’s financial sector grew by 15 percent to YTL 768.6 billion in 2007 over the preceding year, according to a report released yesterday by the Banking Regulation and Supervision Agency (BDDK)

The BDDK’s Financial Stability Report for 2007 noted that despite all fiscal measures that were taken in the United States, the US economy had fallen into a slight recession; however, the report stated that the slowdown in euro zone economies, which are more important for the Turkish economy, is not as serious or disruptive. In emerging economies growth continued in the second half of 2007 despite declines in growth rates.

The report recommended that financial institutions keep extra liquidity and capital in their reserves amid rising uncertainty. Moreover, it noted that the occurrences in developed economies will affect Turkey’s current account balance. Thus, the report stated, the improvements in the investment environment and implementation of reforms on the micro-level will enhance Turkey’s access to diversified financial resources and help the Turkish economy maintain its growth.

The report cited the total assets of financial institutions in Turkey as YTL 768.6 billion, which is equal to 89.7 percent of Turkey’s gross domestic product (GDP) in the same period. As of December 2007 the banking sector held a 75.7 percent share, or YTL 581.6 billion, in the total financial sector and total assets equaling 67.9 percent of GDP.

According to the report, the banking sector continued to grow in 2007. The number of bank branches reached 8,117, the number of employees 167,760 and ATMs 18,795 last year.
source: Today’s Zaman