Canakci: Trust In Turkish Economy Has Increased

ISTANBUL (AA) - Turkish Treasury Undersecretary Ibrahim Canakci said on Tuesday that trust in the Turkish economy and national currency had increased.
     ''This will ease the task of the Treasury and make transition to BASEL II (Revised international capital framework) softer,'' said Canakci.
     Addressing an international conference on ''Financial Stability and Effects of BASEL II'' organized by Turkish Central Bank, Canakci said that Basel compromise was very important for the stability of the financial sector and national/international banking sector.
     Transition to BASEL II would emphasize the consolidation tendency in banking sector and lead to more integration with the international finance sector.
     Canakci said that the weak and strong aspects of companies would be closely monitored in BASEL II system, and Small and Medium Scale Enterprises (SMSEs) should upgrade their accounting standards, work more transparently and broaden their capital bases.
     Stressing that financial stability in Turkey was very important, Canakci said that ''a successful transition to BASEL II system will strengthen financial stability, risk culture, regulatory and supervisory frameworks and transparency in Turkey. The transition to BASEL II is necessary as Turkey also wants to join the EU.''
     (֓-MS)
2005-05-17