12/18/2007

Turkish Central Bank HQ's to be relocated to Istanbul

Today's Zaman - The economy minister has reiterated that the central bank's headquarters will eventually be moved from Ankara to Istanbul despite any qualms concerning the move voiced by the organization's administration. Simsek said "If İstanbul is to become the center of finance in the region -- which I believe it certainly will -- such a move would only be logical. This move will happen sooner or later, even if it requires an amendment of the central bank's bylaws." Istanbul, called by many the capital of the business world, hosts the central branches of all private commercial banks, the stock exchange, the headquarters or representatives of all major companies and much more. It produces almost half of the country's gross national product and handles one-third of the country's exports. The minister pointed out such figures and reiterated his idea that locating the central bank at the heart of the business world would be the most logical step.