Turkey's most populated city, Istanbul, gained nine places in the ranking of global financial centers, jumping to 59th up from 68th, according to the 25th edition of the Global Financial Centers Index (GFCI) published by London's leading commercial think tank, Z/Yen Group.

The index evaluates competitiveness and rankings for major financial centers in the world. The GFCI is updated every March and September and receives considerable attention from the global financial community, serving as a valuable reference for policy and investment decisions.

In the ranking, Istanbul rose 30 points to 620 points compared to the period in September 2018. In terms of its position in Eastern Europe and Central Asia, Istanbul jumped from 4th to 2nd place. The city saw its best ranking in September 2014 when it ranked 42nd.

New York remains in first place in the index, seven points ahead of London. Hong Kong is only four points behind London in third, and Singapore remains in fourth place. Shanghai remains ahead of Tokyo in fifth place in the index, although Tokyo gained 10 points in the ratings. On the other hand, Toronto rose 27 points, moving four places to seventh. Zurich, Beijing and Frankfurt remained in the top 10.

Turkey Capital Markets Association (TSPB) Chairman Erhan Topaç said the results indicated that Istanbul could look to become a financial hub with potential.

Topaç emphasized that the Istanbul Finance Center Project is the first priority of the TSPB, adding: "Istanbul has great potential with its international regulations in line with the financial services sector ecosystem, technical infrastructure and European Union legislation. [...] We have to take Istanbul to the top as an International Finance Center. When the necessary work is done, we believe this goal will be easily achieved."