“We will introduce a framework that would prevent oligopoly and create a more competitive environment in the banking sector. The central bank and the Banking Regulation and Supervision Agency [BDDK] are working on it,” Babacan said on Tuesday during a televised interview on Kanal 24, a private Turkish news channel.
Babacan said that among Organization of Economic Cooperation and Development (OECD) member nations, Turkey’s banking industry sustained the least damage during the 2009 global economic crisis.
Speaking about the taxation system, Babacan stated that the government’s previous efforts to increase tax revenues had failed and added that stricter inspections and sanctions were on the way.
Babacan also commented that meat prices in Turkey, which have recently hit record levels, are well above those in Europe. Recalling that the government has authorized the Meat and Fish Institution (EBK) to import livestock and meat, the minister said the imports would continue until prices in country dropped to “reasonable levels.” Babacan said the livestock would be imported from four or five countries of the government’s choice, such as Bulgaria and Romania.
The minister added that the government will take measured steps in this issue and will not allow prices to fall below the costs of local producers, which would put domestic animal breeders in a difficult situation.
Asked about Turkey’s relations with the International Monetary Fund (IMF), Babacan said the country’s dealings with the IMF will be similar to those of China, the US and other developed nations. “We don’t have a special program or a stand-by deal, and there seems no necessity in the short term for such a deal,” he stated.
