Turkey has revoked a requirement that central bank deputy governors have 10 years prior experience and dropped a rule that banks set aside 20 percent of annual profit, the official gazette showed on Sunday.
According to a decree published on the gazette, signed by President Tayyip Erdogan, the phrase “worked for at least ten years in relation to their professions” in the central bank law, was removed.
The provision, which envisages 20 percent of the bank’s annual profit to be reserved as a reserve fund, has been repealed, the same decree said.
“The accumulated reserve funds can be distributed annually by participating in the profit, except for the reserve fund set aside from the last year’s profit,” the decree said.
In May, the bank announced it had an annual net profit of 44.73 billion lira ($6.52 billion) in 2019.
Last month, Vakifbank, Turkey’s fourth-largest lender, provoked a social media storm after it appointed a former Olympic wrestling star to its board.
State lender Vakifbank had named Hamza Yerlikaya, a Greco-Roman wrestler in the 1990s, as an independent board member on June 12, the bank announced in a stock exchange filing. Yerlikaya serves as an adviser to President Erdogan and as a deputy minister for youth and sports.
In the same decree, the CBRT was also given the opportunity to access banks’ information instantly.
Turkey’s Hagia Sophia mosque move sparks controversy, Erdogan accused of double speakTurkey’s decision to turn Istanbul’s 6th century Hagia Sophia cathedral from a museum into a mosque has sparked controversy across the world including ... Features
Russia, China veto last-ditch UN bid for Syria aid via Turkey for second timeRussia and China vetoed a last-ditch attempt by Western members of the UN Security Council to extend approval -- which expires on Friday -- for ... Middle East
Turkey’s Erdogan may be seriously pursuing his nuclear ambitions: ExpertTurkish President Recep Tayyip Erdogan may be seriously pursuing nuclear weapons, according to non-proliferation expert John Spacapan.Spacapan who is ... Middle East