Turkish bank head: Market fluctuations defy principles
There s a fluctuat on and pr c ng n the market that s contrary to the pr nc ples of econom c real t es and foundat ons, Turk sh pr vate lender Garant Bank CEO, Fuat Erb l, told Anadolu Agency on August 14. The banks rema n
well prepared for extraord nary l qu d ty s tuat ons, Erb l sa d. “The fluctuat ons had a non-econom c base and were spurred by var ables n the global env ronment, Turkey’s change n government system, and geograph c pr or t es.” Erb l added that the fore gn currency l qu d ty of the bank ng sector stood at $100 b ll on, add ng that the abnormal pr ce movements negat vely affected every asset class. “Even when we look at today’s exchange rate, our cap tal adequacy rat o s over 12 percent,” he sa d. Erb l also sa d th s process would be governed by ts own means s nce no need for add t onal cap tal arose n the banks.