Banking Regulation and Supervision Agency

The Turkish economy has been entering into another election period with a lot of uncertainties coming from both inside and outside. The question is what will be ?new normal? for the country?s economy in the post-election period as something really needs to be change immediately to move forward.

Bank of China will seek approval to expand its operations in Turkey, highlighting efforts by the two countries to boost business ties, according to sources familiar with negotiations.

Banking Regulation and Supervision Agency (BDKK) head Mehmet Ali Akben has said a Chinese lender has shown interest in taking a banking license in Turkey. 

He noted a high-level delegation from the Bank of China will visit officials from Turkey?s banking watchdog on Sept. 10. 

The volume of defaulted credit card and consumer loan debts reached 15.1 billion Turkish Liras ($5 billion) in July, according to figures from Turkey's banking watchdog. 

Defaulted credit card and consumer loan debts rose by 14.5 percent and by 20 percent, respectively, since the beginning of the year, according to data from the Banking Regulation and Supervision Agency (BDDK). 

Leading mobile operator in Turkey Turkcell has decided to establish a consumer financing company with a capital ceiling of up to 500 million Turkish Liras ($171.5 million), it said in a written statement to the Public Disclosure Platform on Aug. 27.

The head of Turkey?s banking watchdog, the Banking Regulation and Supervision Agency (BDDK), said on Aug. 19 the Turkish banking sector was solid.

Turkey?s economy is going through a tough period with the buildup of risks in the economic, political and geopolitical climate. Nevertheless, concerns about the future of the economy vary from sector to sector. As a matter of fact, it also varies depending on the size of the enterprise.

Asset management companies, which have already been de-facto managing the non-performing loans of the ten largest banks in Turkey, have now set their eyes on unpaid telecommunication, natural gas and water bills, according to an exclusive report in daily Dünya. 

The Turkish government has seized control of Bank Asya following a 18-month long political battle between President Recep Tayyip Erdogan and exiled Islamic cleric Fethullah Gulen - a move seen as increasing risk premium for Turkish assets a week before parliamentary elections.

Turkey?s largest state-owned bank, Ziraat Bank, has launched its first branch for Islamic finance in Istanbul.

?This is a historic step. Other state-owned banks should follow Ziraat?s move,? President Recep Tayyip Erdo?an said on May 29  during the opening ceremony in the Eminönü neighborhood, referring to Vakifbank and Halk Bank.