The Turkish banking sector has suffered from a pattern of booms and lulls in the past, and, as a result, a number of policy reforms have been instituted to improve regulation. The sector looked to be starting a process of maturation in 2013 as it continued to record solid growth without overheating, with lending growing at an annualised rate of 16% in the first two months of 2013. The efforts...
Turkey Financial Services
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At an average of 5.1% between 2003 and 2012, Turkey has experienced one of the world’s highest growth rates over the past decade. This was accompanied by drops in joblessness and poverty, as well as gains in school enrolment, home ownership and life expectancy.
A strong performance from Turkey’s banks last year produced a significant rise in total assets and an increase in equity capital, generating impressive growth across the industry. Turkish banks also continued to strengthen their position on the international stage by further diversifying their services, with a number of financial institutions extending their reach into the growing Islamic financial services segment.
As the pension sector in Turkey prepares for upcoming regulatory changes, moves are under way in the private sector to transfer the pension departments of banks into more independent segments. Both of these developments are promising, given that they may lead to an increase in the domestic savings rate, which is currently low.
Economic update | Turkey: New steps forward
19 Oct 2012
Having issued two highly anticipated Islamic bonds (sukuk) recently and boasting continuing expansion in the conventional banking segment, Turkey looks set to maintain its current growth trend in financial services. However, there is still some cause for concern, with one sukuk not performing as well as expected and the economy likely to miss its target of 4% growth for 2012.
Articles & Analysis | Opening the door: Government-driven changes are set to make pensions more attractive from The Report: Turkey 2012
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...