Turkey revokes experience requirement for central bank deputy governor – Reuters UK

ISTANBUL (Reuters) – Turkey has actually withdrawed a requirement that central bank deputy governors have 10 years previous experience and dropped a rule that banks set aside 20% of annual profit, the main gazette revealed on Sunday.
According to a decree published on the gazette, signed by President Tayyip Erdogan, the expression “worked for a minimum of 10 years in relation to their occupations” in the reserve bank law, was eliminated.
The provision, which envisages 20% of the banks yearly revenue to be booked as a reserve fund, has actually been reversed, the very same decree said.
” The collected reserve funds can be dispersed each year by taking part in the earnings, other than for the reserve fund set aside from the in 2015s profit,” the decree said.
In May, the bank revealed it had an annual net revenue of 44.73 billion lira ($ 6.52 billion) in 2019.
Last month, Vakifbank, Turkeys fourth-largest lending institution, provoked a social media storm after it appointed a previous Olympic wrestling star to its board.
State lender Vakifbank had actually named Hamza Yerlikaya, a Greco-Roman wrestler in the 1990s, as an independent board member on June 12, the bank revealed in a stock market filing. Yerlikaya acts as an advisor to President Erdogan and as a deputy minister for youth and sports.
In the very same decree, the CBRT was likewise provided the chance to gain access to banks info instantly.
Reporting by Ece Toksabay; editing by David Evans

FILE IMAGE: A logo design of Turkeys Central Bank (TCMB) is pictured at the entryway of the banks headquarters in Ankara, Turkey April 19, 2015. REUTERS/Umit Bektas

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