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    No questions to be asked for expat funds- Turkish finmin

    HotNewsTurkey Staff
    15.10.2008 - 13:15 | Son Güncelleme:

    Turkey will not question or investigate its citizens' funds if they are brought into the country in a determined time, Turkish Finance Minister Kemal Unakitan said on Wednesday.

    "Turkey was not taking tax from its citizens, construction workers and sailors, when they bring the money they earn abroad into Turkey. We will expand this practice. We welcome everybody who earns outside Turkey to bring their funds home," Unakitan said at the Funds World Turkey 2008 Conference in Istanbul, adding the funds will also not face a tax probe. 


    "They can put the funds either into their company or banks; we will not carry out any investigations."


    Economists and analysts say such move would help to rescue Turkey from the global crisis and would create financial resources to help the real sector, which is expected to be hit hard by the economic turmoil.


    There is no official data on the total amount of deposits Turkish citizens hold in foreign bank accounts; however, it is estimated to be around $100-150 billion in accounts of some 22,000 people.



    Turkish economic growth will slow down and borrowing rates will rise as a result of a shrinking of global liquidity, the finance minister also said.


    The sector likely to be hit hardest by the global crisis was small- and medium-sized companies, he added.


    Turkey's annual gross domestic product growth slowed sharply to 1.9 percent in the second quarter from 6.7 percent in the first quarter.


    The country's budgetary performance this year will be better than targeted and Turkey would not ease up on fiscal discipline, he added.



    Turkey has some $20 billion in investment funds which is very healthy and there is no reason for the country to be pessimistic regarding the global financial crisis, head of the Turkish Capital Markets Board (CMB) also said at the conference.


    "However, the volume of it is not very big, our baby is very healthy. We have a very healthy baby with its regulation, experienced personnel and sector," Turan Erol said referring the Turkish funds market.


    Erol said they had the perspective of a building fund administration structure that is separated from the banking sector and therefore distanced from its affects.

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