Akgiray noted that the foreign exchange market in Turkey is not unregistered, but lacks the necessary auditing. Market actors are known, but there is no authority to carry out inspections, he noted. Many analysts have criticized the foreign exchange market in Turkey for not being regulated at all. Many foreign exchange companies dealing in buying and selling foreign exchange in Turkey are headquartered abroad and have been accused of creating a loss of great amounts of money as they do not carry out transactions in real terms due to a lack of necessary inspection.
The required amendment to correct this situation is not unusual, Akgiray said, explaining that a small change in the law is enough to implement necessary regulations. “A draft of the amendment was presented to the Economy Ministry. When it passes, we are ready to do our part,” he said.
Akgiray was speaking at the “Real Estate Development and Investment in Turkey” meeting, organized by the Global Real Estate Institute. He emphasized the importance of the real economy, saying that trouble existing in the real sector can lead to bigger trouble in financial markets if not addressed.
Speaking on a possible stand-by deal with the International Monetary Fund (IMF), Akgiray said the Turkish economy needs no such deal in technical terms and added that it is apparent that the deal is not being made out of financial concerns. However, he said, the entry of additional money into the economy is a positive thing.
Benzer Haberler 
National
