Turkey okays IMF-sought banking law
Afp, Ankara
Turkish President Ahmet Necdet Sezer has signed into law a banking reform bill sought by the International Monetary (IMF), but will seek the cancellation of several provisions at the constitutional court, his office said Tuesday. The statement did not say which provisions Sezer would challenge, but the president had earlier vetoed the bill, raising objections to articles related to staff appointments to banking watchdogs and changes in the functioning of social security funds. The parliament last month adopted the bill for the second time without amendments, leaving the president with no option but to promulgate it. The bill, which aims to strengthen Turkey's financial sector by enhancing the monitoring of banks and better regulating savers' interests, is one of the key elements in a 10-billion-dollar stand-by deal that Ankara signed with the IMF in May. The IMF is expected to release 1.6 billion dollars (1.3 billion euros) in loans for Turkey in December, after delays in reforms sought from Ankara prompted the Fund in July to freeze loans under the stand-by deal.
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