European-based Turks urged to send their savings back home

Published April 19th, 2001 - 02:00 GMT

The director of Turkish studies center in Germany is urging 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 stated that if the necessary steps are taken, Turks living in Europe could send between DM 5-10 billion by the end of the year, and that Turks in Germany alone can transfer to Turkey DM 164 billion a year. The total savings of Turks living throughout Europe amounts to DM 5.5 billion, he stated. 


He stressed as well that in order to convince Turkish expatriates in Germany to send their savings to Turkey, a number of assurances would have to be made. The first would include a guarantee on the part of the State that the transferred funds would not be at any risk, in addition to these funds obtaining higher returns from investment projects in Turkey than from similar projects in Europe. 


Sen also noted that by having Turks in Germany invest in Turkish projects or placing their funds in Turkish banks, Turkey’s reliance on the IMF and World Bank would be greatly reduced. Should the legal obstacles be overcome, he said, Turks in Germany could begin sending funds within the coming four or five weeks. – (Albawaba-MEBG) 


© 2001 Mena Report (

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