Economy Minister says Eximbank capital should exceed $100B
by Daily Sabah
ISTANBULJun 24, 2016 - 12:00 am GMT+3
by Daily Sabah
Jun 24, 2016 12:00 am
Economy Minister Nihat Zeybekci said the total assets and resources of Eximbank should be more than $100 billion dollars, in order to back Turkish exporters and increase Turkish production.
Speaking at an assembly meeting of the Istanbul Chamber of Industry on Wednesday, Zeybekci said that Eximbank's strength should be increased in order to give stronger support to Turkish exporters, adding that in this respect, the total assets of Eximbank which stood at TL 44.4 billion ($15.44 billion) in 2015 should be increased to more than $100 billion.
Zeybekci said Eximbank's strength is also dependent on how much Turkey can take the financial market under control, create their own financial policies and efficiently implement those policies. Zeybekci pointed out that even though Eximbank determines the grouping criteria of the Organization for Economic Cooperation and Development (OECD) countries in terms of credit limits, Eximbank's current valuation places Turkey into the fourth group of OECD countries while Turkey deserves to belong to the third. Zeybekci said that this grouping, which shows how risky or worthy it is to make businesses and investments in those countries given the upper credit limit, costs Turkey $2.5 billion in financing annually. He reemphasized the importance of strengthening Eximbank, as well as strengthening the authority which Turkey has over its financial markets.