Bank heads say Turkish banking sector ends year better than expected

Uncategorized Faizah Kamal 28-Dec-2019

The Turkish banking sector will end 2019 better than expected, with a recovery in macroeconomic indicators such as growth, inflation, and unemployment, said the heads of both state and private banks.

Bank managers expect the sector to continue to support the economy in 2020.

Abdi Serdar Üstünsalih, the CEO of state lender Vakıfbank, stressed that next year will be a “transformative year” for the Turkish economy.

Saying that uncertainties in global markets create risks in the short term, Üstünsalih said developments in the medium-term and long-term will favour developing countries, especially Turkey.