The five financial institutions in Turkey, including the central bank, are taking action following the failed July 15 coup attempt to reassure global markets of the soundness and strength of the Turkish economy
The Treasury, the Central Bank of the Republic of Turkey (CBRT), Banking Regulation and Supervision Agency (BDDK), Capital Markets Board (SPK) and Banks Association (TBB) have issued six important messages for international markets, through which they will explain that every element of the Turkish economy is on track following the Gülenist Terror Organization's (FETÖ) attempted coup on July 15.
The economic administration is holding intense talks with international markets regarding the state of emergency that was declared after FETÖ's attempted coup. The country's five largest economic institutions have made a joint move to explain to international markets what is going on in Turkey. The TBB is holding one-on-one talks with every bank to explain that there is no capital restriction and that the trust in the banking sector continues. Additionally, the CBRT is having meetings with the international business world to assure it that the state of emergency will not have any negative effects on investors. The messages underline that Turkey's legal system is running smoothly and that the Turkish public is committed to democracy.
The government has alerted all institutions to prevent speculation in the markets and maintain the normal functioning of the markets. The CBRT is conducting a coordinated study to take all the necessary measures for the protection of financial stability. The Treasury, CBRT, BDDK, SPK and the TBB are explaining the causes and process of the state of emergency to the global markets to give them six important messages.
Economy on solid foundation: The Turkish economy is built on strong foundations. Incentives and structural reforms that will increase savings will continue at full speed. No economic decisions will be made as part of the state of emergency.
State of emergency not to affect investments: The state of emergency will have no negative impacts on investors and the business world. Investments and mega projects will continue. Investments will experience no setbacks. No revisions will be made to economic targets.
Commitment to democracy: Normalization will be soon achieved and decisions regarding the state of emergency will have no effects on daily life.
Judiciary running well: During the three-month state of emergency period, state institutions will be purified of pro-coup staff. The government will exercise this authority with extreme caution and prudence.
Banking sector strong: There is no problem with the return of loans as the banking sector is operating smoothly. In technical terms, all ratios, institutions and boards in the sector are functioning well. Turkish financial assets will continue to be treated in a healthy way.
Full confidence in economy: Consumption and shopping continues as the public has confidence in the economy. Commitment to the market economy continues.