Turkey appoints new heads of treasury and banking sectors

Published March 15th, 2001 - 02:00 GMT

Following last week’s resignation of the chief of treasury and banking amid Turkey’s financial crisis, two new candidates have been appointed by Economy Minister Kemal Dervis on Wednesday, March 14.  

 

The appointment of Faik Oztrak as head of treasury, and Engin Akcakoca as the chief of the banking supervision and regulation board are first to pass cabinet ministers’ approval.  

 

Oztrak is presently the deputy head of the banking board, and previously served at senior posts in the state planning organization. Akcakoca held high-level management positions in several private banks. 

 

The two new appointments are the last in the formation of the country’s new economic bureaucracy, following the replacement of the central bank governer who had also resigned. Economy Minister Dervis was also appointed in the wake of the crisis that hard hit Turkey's already unstable financial markets. With the sudden devaluation of the currency, which sent interest rates sky rocketing, the government was forced to float the Turkish lira, thus effectively violating the IMF-backed disinflation plan. 

 

In the past couple of weeks, Dervis, Prime Minister Bulent Ecevit, and economy officials have been holding talks with regards to the formulation of a new economic program, so as to fight the country’s rising inflation and extra budget expenditures. — (Albawaba-MEBG) 

 

© 2001 Mena Report (www.menareport.com)


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