Turkey broadens role of Treasury

Turkish President Tayyip Erdogan has issued a decree boosting the role of the Treasury, enabling it to work on developing the financial services and take stakes in companies domestically and internationally, the Official Gazette said on Wednesday.

Under the decree, the Treasury is granted the authority to work on strengthening financial stability and on monitoring and assessing developments in financial markets both domestically and internationally.

A Treasury and Finance Ministry source played down the significance of the changes, saying that the legal grounds for a state institution to buy a stake in a private company already existed.

The Presidency also already has the authority to establish a company abroad or buy a stake in one, the source said. Wednesday’s move changes regulations to fit in with the executive presidential system, which Turkey switched to in June last year, the source said.

Changes were also made in the organisational structure of the Treasury and Finance Ministry, including to the roles of its various divisions, the Gazette said.

In a separate presidential decree, adjustments were also made to regulations related to project-based state support for investments. (RTRS)