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Impact of Foreign Trade in Turkish Banking
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Posted On :
Jul-23-2011
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Article Word Count :
461
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Banking in Turkey was earlier found to be difficult, with the Turkish government imposing several regulations on foreigners who invest in the country.
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Banking in Turkey was earlier found to be difficult, with the Turkish government imposing several regulations on foreigners who invest in the country. Turkey developed investment banking after 1980 and has granted permissible activities for trading and financial investments which were not granted earlier. Liberalized foreign trade policy is introduced in the country with flexible exchange rate and trade policies, enhanced export-import rate making an impressive rise in foreign trade.
The incredible growth of Turkish banking industry even after the financial crisis has led the country to be an important player in the global financial market. The economic crisis, which affected almost all parts of the world, had little effect in the Turkish financial sector and this attracted large number of foreign investors. And this made banking sector of Turkey concentrate more on foreign exchange and trade. Foreign banks opened up new branches in Turkey making the Turkish financial system to become internationalized.
Investors started looking for financial firms offering low bank interest rates and so foreign banks introduced financial plans with attractive benefits for customers. Even though foreign banks have only a low market share in Turkey, they occupied a remarkable position in the Turkish banking system with the newly introduced practices. With the introduction of credit cards for Turkish people, banking in Turkey became modernized. Traders benefit more with the help of different types of credit cards offered to them at low interest rates.
With the restrictions upon foreign trade being removed, traders established companies within the country just by registering with the Turkish Ministry of Industry and Trade. The significant impact created by foreign investors and traders increased the demand for banking in Turkey which gave rise to the introduction of the appropriate credit plans by Turkish banks.
It became essential to hold a Turkish bank account for people who plan to invest in Turkish properties or indulge themselves in trade. Another reason why traders choose Turkish banks is because of the convenience offered by such banks in foreign exchange transactions. Opening and maintaining accounts in Turkish banks is easy and convenient because of the advanced services offered by the banks including credit calculation.
Whether it’s a property transaction or export-import process, having a bank account in Turkey meets all the unexpected costs like insurance fees, document preparation charges and even agent commissions. Almost all top banks of Turkey provide online transactions and excellent customer service in English for the foreign investors to benefit from. Expert professionals there will also assist customers in choosing mortgage loan plans and credit card applications. The improved quality banking services with the introduction of credit cards and the rapid spread of ATM and POS (Point Of Sale) terminals takes Turkish banking system to a higher level.
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Article Source :
http://www.articleseen.com/Article_Impact of Foreign Trade in Turkish Banking_68275.aspx
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Author Resource :
The author is an expert on en uygun kredi and has written several articles to help people on hangi kredi that they can choose. He has also studied the repo market in-depth and has written several articles on the subject.
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Keywords :
repo, en uygun kredi, hangi kredi, credit calculation, bank interest rates, credit cards ,
Category :
Finance
:
Finance
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