Turkish bankers say banking sector expects a strong growth in 2018

Despite several major problems its economy has been coping with for a while Turkey’s bankers are hopeful about the performance of the sector in 2018. In fact some of them believe the sector will achieve a growth of 15 percent this year which is slightly under last year’s performance but still a successful figure given other factors.

Turkey’s economy is very much dependent on the sector which enjoys a consistent growth each and every year. Professionals believe the sector performs above world standards when compared to many other countries. To provide an example, in the first quarter of the year, the banking sector grew by 4.6 percent which is considered to be a good performance.

The major issue has been the high figures in interest rates which President ERDOGAN has often held responsible for the rise in inflation in the country. Despite intervention by the Central Bank the markets have not been able to overcome interest rate problem.

Some of the major banks in the sector are TURKIYE ISBANK, AKBANK, QNB (FINANSBANK), GARANTI BANK, ZIRAAT BANK (State owned) and HALKBANK etc.