Turkish banking sector to weather storm, remain strong in 2009
Posted by meb at March 22nd, 2009
The 2008 year-end figures released by banks in Turkey one after another with positive numbers on their balance sheets show that the finance sector in Turkey has maintained its health amid a forced slowdown in economic activities due to the ongoing global financial crisis.
Analysts now suggest that these figures have also enhanced confidence in and increased the security of Turkish banks since many of them boasted an increase in net profit, though by smaller margins than expected. As Turkish Central Bank Vice Governor Mehmet Yörükoğlu recently stated, the Turkish banking system is in extremely good condition now, thanks largely to the “successful regulations adopted after the 2001 economic crisis.” Turkey’s financial system has been able to steer clear of radical measures such as cash injections, unlike those of many developed nations. (more…)
