There is a cute new book for kids on the market called “Pop up Pals: Puppy.” You just turn the pages for some pop-up fun with a puppy and help him run and play through the busy day. You can follow the friendly puppy through pop-up hide-and-seek games. Although it is meant for kids, some adults enjoy it, too. Many English books on the market today are creative, fun, innovative and sometimes educational. For adults it is a few minutes of pleasurable escapism,
Remember during the US presidential campaign when Joe the Plumber was introduced? Since Joe the Plumber many of us have turned into Joe the Saver. For Turks the equivalent would be Mehmet the Plumber, I guess. During this time of high unemployment rates and bank failures, many of you may have been playing your own game of hide-and-seek to escape your problems.
The banking industry has had some challenging years recently. It is likely a few more difficult months are still to come. Well, at least that’s the word in the United States. On the other hand, Turkish Finance Minister Mehmet Şimsek is not convinced about the threat of a second dip in the global economic crisis.
Turkish banks are in better shape and trends in unemployment numbers in Turkey are decreasing. In Mustafa Yılmaz’s informative article, “Jobless rate to decline,” in Sunday’s Zaman (Aug. 22), you see that Turkey’s unemployment rate fell to 11 percent in May. Yılmaz writes that with the impact of the global financial crisis the unemployment rate in Turkey’s total labor force hit a record high of 16.1 percent in February 2008.”
The figures are coming down.
Another area that has helped the Turkish economy improve has been the development of the banking industry. Here’s a quick Turkish banking 101 course: The Central Bank of Turkey was founded in 1932 as a joint stock company with exclusive rights to issue banknotes. Before this for centuries the Ottoman Empire had operated the Treasury; operations including money and credit transactions and trade in gold and foreign currencies were executed in varying degrees by the Treasury, the Mint, jewelers, money lenders, foundations and guilds. Around 1847 the Ottoman government allowed Galata bankers to set up the Bank of Dersaadet, which assumed the external payments of the Ottoman Empire for the first time. Within a decade, the Ottoman bank was established jointly with French and English capital, which, within a few years, became like a state bank under the name of the Imperial Ottoman Bank. As of 2006, according to Wikipedia, the banking industry is 88.2 percent of Turkey’s total financial sector. There are 51 banks in the country: three public, 16 private, 14 foreign, 13 non-commercial, four participation banks and one under Savings Deposit Insurance Fund (TMSF) supervision.
You may have noticed that some banks tend to have long lines of people waiting around at certain times of the month. Those are the three banks owned by or associated with the state: Türkiye Cumhuriyeti Ziraat Bankası A.Ş., Türkiye Halk Bankası A.Ş. and Türkiye Vakıflar Bankası. These are banks where special government-run programs operate and where pensioners receive their remittances.
Turkey has made some positive economic reforms in a relatively short period. Part of the reason for this has to do with its desire to become part of the European Union. The Turkish banking industry has seen many changes, such as massive restructuring, and various banking mergers that have left their mark on the financial history of Turkey.
Americans had forgotten that banks could fail and have had some bad experiences recently. A few of you may remember that during the Great Depression, when the Federal Deposit Insurance Corporation (FDIC) was established just over 75 years ago, the aim was to promote confidence and stability in the banking sector. In a piece in an American Association of Retired Persons (AARP) bulletin (December 2008), Sheila Bair, chairwoman of the FDIC, stated that in 1989 a total of 534 FDIC-insured institutions closed their doors.
Either way or place, credit crisis, banking and the economy may be getting healthier, but I suspect there may still be a few more bumps along the way.
Note: Charlotte McPherson is the author of “Culture Smart: Turkey, 2005.” Please keep your questions and observations coming: I want to ensure this column is a help to you, Today’s Zaman’s readers. Email: c.mcpherson@todayszaman.com
