IMF control on banking

IMF, which demands transparency in financial system of developing
countries, is expected to start to control banking sector in several
countries including Turkey in autumn


       International Monetary Fund (IMF) will start controlling Turkish
       banking sector, following the administration meeting in September.

       The project which has been conducted in several countries by the IMF, which
       demands absolute transparency in data in financial system, will be applied
       in Turkey as well. IMF will control the banking system in three-month
       periods in this context.

       Authorities say, IMF will contact Higher Board of Banking following the
       meeting to be held in September, which will resolved into a final decision.
       IMF will then send its banking experts every three months to Turkey to both
       control the improvements in the sector as a whole and inspect the financial
       reports of each bank.

       It has also been stated that Turkey agreed with the IMF to close the debt of
       eight confiscated banks, which hits $6 billion in last months meetings.

       IMF also hesitates about the salary increase for the public workers and the
       retired. Sources say, IMF wants the increase to be kept at 10%, while the
       government plans to make an increase of 15%.