Turkey urges financial actors take on 'transformative role'

Turkey's treasury and finance minister on Friday urged major financial actors in the country to adopt a "transformative role" in its limited resources more productively and preserving its financial strength.

Lütfi Elvan asked the actors to support high value-added and competitive projects that are innovative and raise employment, in addition to supporting small and middle-sized companies and their integration into global supply chains.

"The Turkish economy is built on strong foundations. It has shown resilience against global crises, geopolitical events and even the pandemic. Those are not coincidental," he told in an event organized by the Banks Association of Turkey.

"Turkey will implement policies that will rapidly alleviate vulnerabilities," he said, adding that the private sector would be able to manage opportunities and risks better with stronger predictability.

Noting that he saw the financial sector as a whole, Elvan urged other financial institutions, in addition to the banking industry, to take on a bigger role.

"With capital markets and the insurance sector supporting economic activity more, we will have a more productive ecosystem," he said.

Elvan said Turkey was taking steps in the banking sector to boost competition, such as by creating mechanisms in digital banking licensing, protecting consumers and market integrity.