To gain some understanding of the special place that gold holds in the hearts of Turks, one need only visit one of Istanbul’s most famous sites, the Grand Bazaar. Sellers come to cash in their gold jewellery, and buyers leave with anything from gold gram wafers to chunky 100-gram bars that cost more than $5000 a piece. The rest of the bazaar...
It was once thought inevitable that Western multinational banking groups would come to dominate the banking sector in Turkey, as they have in many peer emerging European countries. But five years after the global financial crisis, those groups’ demands for larger acquisitions have hardly recovered, and Turkey’s banking sector is moving on....
The banking sector looked to be starting a maturing process in 2013 as it continued to record solid growth without overheating. Amid abundant global liquidity, a moderate revival of global growth and improving domestic confidence, lending grew at an annualised rate of 16% in the first two months of 2013, roughly matching the pace of growth in...
Restrained by a cautious central bank governor and chastened by rising non-performing loans (NPLs) in the consumer segment, Turkish banks are maintaining a relatively moderate pace of lending growth in 2013. Although global financial conditions loosened dramatically in late 2012 and early 2013, Turkish banks were expected to increase loans by 15...
The concept of private pensions is relatively new in Turkey, with the first private scheme having been introduced only in 2003. Since then, the system has grown rapidly, although it is still small relative to the size of the economy. Furthermore, it is expected to expand in the coming years, as the government has introduced legal changes to make...
As a relatively small market in a rapidly growing economy, the insurance sector in Turkey has significant room for expansion. Indeed, the large number of foreign players that have entered the market over the past decade signals opportunities for growth. While low pricing has been a challenge – particularly in the non-life segment – underwriting...
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