Expats urged to send savings to Turkey
The director of the Turkish studies center in Germany urged Turkish expatriates living in Europe to transfer their savings to their cash-strapped homeland, reported the Anatolia news agency.
Speaking at a press conference in Ankara, Professor Faruk Sen said that if the necessary measures are taken, Turks living in Europe could send home between DM 5-10 billion by the end of the year.
Turks residing in Germany alone, Sen said, could transfer to Turkey up to DM 164 million a year. The total savings of Turks living throughout Europe comes to DM 5.5 billion, he stated.
Sen stressed that in order to convince Turkish expatriates in Germany to send their savings to Turkey, a number of assurances would have to be given. One would be a guarantee on the part of the state that their money would not be put at risk. Another would be that income from investment projects in Turkey would be higher than from similar projects in Europe
Sen noted that, should Turks in Germany send their savings to Turkey, Turkey’s reliance on the IMF and World Bank could be greatly reduced. Should the legal obstacles be overcome, he said, Turks in Germany would be able to start sending their money over within four or five weeks. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
- European-based Turks urged to send their savings back home
- As sterling hits five year lows against the AED, First Rate FX urges expats to protect themselves against the volatile currency market
- Tax-free Expats Need to Plan for University Fees
- Families of British jihadi teens make heartfelt pleas for them to return home