Free at last?
“WE'RE talking,”said Gazi Ercel, thechairman of Turkey's central bank, “about a brand-new era in Turkish banking.” The hyperbole was prompted by the establishment this month of the country's first independent banking watchdog, the Banking Regulation and Audit Board (the BRAB). In theory, this means that, after decades of mollycoddling by the government, Turkey's 81 banks now have to fend for themselves.
This article appeared in the Finance & economics section of the print edition under the headline “Free at last?”
From the September 16th 2000 edition
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