Sunday, July 12, 2020 8:18 a.m. EDT
by Thomson Reuters
ISTANBUL (Reuters) – Turkey has revoked a requirement that central bank deputy governors have 10 years prior expertise and dropped a rule that banks put aside 20% of annual revenue, the official gazette confirmed on Sunday.
In accordance with a decree revealed on the gazette, signed by President Tayyip Erdogan, the phrase “labored for not less than ten years in relation to their professions” within the central bank regulation, was eliminated.
The supply, which envisages 20% of the bank’s annual revenue to be reserved as a reserve fund, has been repealed, the identical decree stated.
“The accrued reserve funds will be distributed yearly by taking part within the revenue, apart from the reserve fund put aside from the final 12 months’s revenue,” the decree stated.
In May, the bank introduced it had an annual web revenue of 44.73 billion lira ($6.52 billion) in 2019.
Final month, Vakifbank, Turkey’s fourth-largest lender, provoked a social media storm after it appointed a former Olympic wrestling star to its board.
State lender Vakifbank had named Hamza Yerlikaya, a Greco-Roman wrestler within the 1990s, as an unbiased board member on June 12, the bank introduced in a stock exchange submitting. Yerlikaya serves as an adviser to President Erdogan and as a deputy minister for youth and sports activities.
In the identical decree, the CBRT was additionally given the chance to entry banks’ data immediately.
(Reporting by Ece Toksabay; modifying by David Evans)