Anonymous expat brings TL 7.1 billion in wealth amnesty

Anonymous expat brings TL 7.1 billion in wealth amnesty

Finance Minister mehmet şimşek

April 07, 2010, Wednesday/ 16:39:00/ TODAY'S ZAMAN
Turkish markets were buoyed following a cash inflow of TL 7.1 billion as part of a wealth amnesty program which allowed Turkish citizens to bring their money held in Turkey but outside the banking system or in foreign banks back to Turkish banks without penalties, Finance Minister Mehmet Şimşek announced on Tuesday in İstanbul.

The Habertürk daily reported on Tuesday that an anonymous source had brought TL 10 billion as part of the second leg of the wealth amnesty program. Şimşek declined to reveal the name of the source, rumored to be a Turkish businessman but said the amount was TL 7.1 billion. According to the report, the expat had specifically asked the ministry to withhold his name.

The wealth amnesty program was first introduced in 2008 in a bid to attract more foreign capital to the country and add much-needed liquidity to the banking industry. The first term of the program, which was in effect between Nov. 22, 2008 and March 2, 2009, brought TL 14.83 billion into the country. The success of the program encouraged the government to extend the program for a second term on June 10 until the end of the year. During this time the program brought in TL 32.47 billion in funds, of which TL 16.2 billion came from abroad.

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