Top int’l banking body optimistic about ‘good outlook’ in Türkiye

A top official of the international banking body recently expressed optimism regarding the outlook of the Turkish economy, saying they are closely monitoring the developments in the economy, finance and banking sectors in the country.

“There is a change happening in the Turkish economy. We expect a very good outlook for the Turkish economy soon. As bankers, we want to be a part of this,” Hedwige Nuyens, managing director of the International Banking Federation (IBfed), said during an interview with Anadolu Agency (AA).

Pointing out that the banking sector is one of the key stakeholders in every economy, Nuyens said: “All Turkish banks are working very closely with the central bank and political authorities to ensure that Turkish society can face the inflation rates and rising prices. We are seeing some successes. It is moving toward greater confidence that there will be stability in the economy.”

She noted that Türkiye is an impressive country that has managed to attract both very strong international banks and foreign companies, mentioning that there are very successful joint ventures between foreign banks and Turkish banks.

Nuyens, who was in Istanbul as part of the International Arab Banking Summit, said, “Therefore, I think Türkiye is very successful and actually increasing its collaborations internationally and especially in the Arab world.”

Indicating that the Istanbul Financial Center (IFC) will be effective in increasing the importance of the city in the financial sector, Nuyens noted, “Türkiye has a very special characteristic, which is being a country that can unite the East and the West.”

Highlighting that Türkiye has great potential, Nuyens said: “Because Türkiye has a young population, unemployment rates are low and Türkiye’s outlook is still positive. I think we should all continue to invest in Türkiye and consider more cooperation.”

Furthermore, she expressed the country is closely followed by the Arab world and continued: “When you do good business in Türkiye, you also increase your chances of cooperating with Arab countries. Of course, there is still a lot of uncertainty, but the economy is gaining confidence and therefore I think we should be confident in ourselves over the next few years.”

Nuyens pointed out that the banking sector worldwide is on the verge of a major shift from focusing on growth, which is a strong support for economies, to focusing on sustainability.

Explaining that this is a complete change, she stated it means looking not only at growth but also at how to transition to net zero, how to address climate change and the demographic decline that will be seen in the coming years.

Additionally, Nuyens emphasized the importance of finding common interests in cooperation in the banking and finance sector between Türkiye and the United Kingdom, saying: “The issue is to see how cooperation can be mutually beneficial for both countries.”

“Türkiye is actually an open economy and has always been a reliable partner for both the United Kingdom and the European Union as a whole. We just need to focus on cooperation and what we can do together. I think we, as bankers, have a big role to play in this regard.”