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    Babacan: Payments to Imar Bank Deposit Holders Will Be In Installments

    Hürriyet Haber
    24.10.2003 - 12:20 | Son Güncelleme:

    State Minister Ali Babacan said that payments to those, who had deposits in the Imar Bank, which was confiscated, would not be made all at once. Rather, Babacan said that one portion of each deposit would be paid in a lump sum and the rest would be paid in installments. Babacan also said that so as to repay the bonds a legal arrangement was necessary.

    Ahead of departing for the G-20 Summit in Morelia, Mexico, Babacan said, “When the issue of the Imar Bank first came to our agenda, the amount of deposits in the balance sheet of the bank was about 750 trillion TL. However at the end it was discovered that this amount was about 8 quadrillion TL. Moreover, there are fictitious bond sales, which were not disclosed in the records and amount to 750 trillion TL. It is obvious that there is a kind of robbery here, which is very difficult for an autonomous institution to solve by itself and which necessitates political will.  So as to solve this issue we have repeatedly met officials from the Treasury, Central Bank, and Banking Regulating Board (BDDK).” Babacan said that no matter how this issue was solved, it would not harm the economic program.

    Foreign Exchange Regime
    Babacan said that the issue on the Foreign Exchange Regime (that there reportedly will be a ban on shopping with foreign currencies) was exaggerated. Babacan stated that the issue was not tackled in the higher ranks of the Treasury Undersecretariat and that any step that would be taken by the government, would lead to a more liberal regime rather than a restrictive one.

    Devaluation
    Regarding the statements of Sureyya Serdengecti, the President of the Central Bank, who said that there had been five devaluations of Turkish Lira in the last 2.5 years and no one could say that a sixth would not happen, Babacan said, “I do not think that it is appropriate to talk about devaluation in an economic environment in which a floating exchange rate regime prevails.” Babacan said that it is natural for TL to gain and lose value.

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