Editing Economy of Turkey (section)

====Banking and finance====
{{Main|Banking in Turkey}}

[[File:IFM Görsel (cropped).jpg|thumb|400px|The [[Turkish Central Bank]] and other state-owned banks such as [[Ziraat Bank]], [[VakıfBank]] and [[Halkbank]] have their new headquarters at the [[Istanbul Financial Center]] (IFC) in [[Ataşehir]].<ref name="ifm-aa">{{cite web|url=https://www.aa.com.tr/en/economy/istanbul-finance-center-opens-with-inauguration-of-banking-section/2874556|title=Istanbul Finance Center opens with inauguration of banking section|author=Tuba Ongun|publisher=[[Anadolu Agency]]|date=17 April 2023}}</ref><ref name="ifc-bloomberg-image">{{cite web|url=https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNU2UmulMILU/v0/-1x-1.jpg|title=Image of the Istanbul Financial Center|website=bloomberg.com|date=10 May 2023}}</ref><ref name="ifm-1">{{cite web|url=https://ifm.gov.tr/properties|title=Istanbul Financial Center: Properties|website=ifm.gov.tr|access-date=13 May 2023}}</ref>]]

During the 19th and early 20th centuries, [[Bankalar Caddesi]] (Banks Street) in [[Istanbul]] was the financial center of the [[Ottoman Empire]], where the headquarters of the [[Ottoman Bank]] (established as the ''Bank-ı Osmanî'' in 1856, and later reorganized as the ''Bank-ı Osmanî-i Şahane'' in 1863)<ref>{{cite web|url=http://www.obarsiv.com/ob-tarih.html |title=Ottoman Bank Museum: History of the Ottoman Bank |publisher=Obarsiv.com |access-date=2011-08-29 |url-status=dead |archive-url=https://web.archive.org/web/20120614105241/http://www.obarsiv.com/ob-tarih.html |archive-date=2012-06-14 }}</ref> and the Ottoman Stock Exchange (1866) were located.<ref name=OBM>{{cite web|url=http://www.obmuze.com/eng/voyvoda.asp|title=Ottoman Bank Museum|publisher=Ottoman Bank Museum|access-date=2009-06-18|url-status=dead|archive-url=https://web.archive.org/web/20090518102012/http://www.obmuze.com/eng/voyvoda.asp|archive-date=2009-05-18}}</ref> Bankalar Caddesi continued to be Istanbul's main financial district until the 1990s, when most Turkish banks began moving their headquarters to the modern [[central business district]]s of [[Levent]] and [[Maslak]].<ref name=OBM/> 

Originally established as the Ottoman Stock Exchange (''Dersaadet Tahvilat Borsası'') in 1866, and reorganized to its current structure at the beginning of 1986, the [[Istanbul Stock Exchange]] (ISE) is the sole [[Capital market|securities market]] of Turkey.<ref>{{cite web|url=http://www.imkb.gov.tr/genel/tarih.htm |title=Istanbul Stock Exchange: History of the Istanbul Stock Exchange |publisher=Imkb.gov.tr |access-date=2011-08-29 |url-status=dead |archive-url=https://web.archive.org/web/20120225094722/http://www.imkb.gov.tr/genel/tarih.htm |archive-date=2012-02-25 }}</ref> In 1995, the Istanbul Stock Exchange moved to its current building in the [[Istinye]] quarter.<ref>{{cite web|url=http://www.imkb.gov.tr/genel/gelismeler.htm |title=Istanbul Stock Exchange: "İMKB'nin Kuruluşundan İtibaren Önemli Gelişmeler" (Timeline of important events since 1985) |publisher=Imkb.gov.tr |access-date=2011-08-29 |url-status=dead |archive-url=https://web.archive.org/web/20120225094814/http://www.imkb.gov.tr/genel/gelismeler.htm |archive-date=2012-02-25 }}</ref> The Istanbul Gold Exchange was also established in 1995.

The [[Central Bank of the Republic of Turkey]] (''Türkiye Cumhuriyet Merkez Bankası'') was founded in 1930 as a privileged joint-stock company. The CBRT possesses the sole right to issue notes. It also has the obligation to provide for the monetary requirements of the state agricultural and commercial enterprises.

The "New [[Turkish lira]]" (TRY) was introduced on 1 January 2005.<ref>{{cite news|url=http://news.bbc.co.uk/2/hi/business/4137469.stm |title=Turkey knocks six zeros off lira|publisher=[[BBC]]|access-date=2008-07-20|date=2004-12-31}}</ref> On 1 January 2009, the New Turkish lira was renamed once again as the "Turkish lira", with the introduction of [[Turkish lira#9th Emission group|new banknotes]] and [[Turkish lira#Since 2009|coins]].

Banking came under stress beginning in October 2008, as a result of the [[2008 financial crisis]]. Turkish banking authorities warned state-run banks against the pullback of loans from the larger financial sectors.<ref>[http://bankrun.us/forums/index.php?topic=10.0 Turkey warns against potential Bank Runs] {{webarchive |url=https://web.archive.org/web/20111005085455/http://bankrun.us/forums/index.php?topic=10.0 |date=5 October 2011 }}</ref> 

[[File:Ankara from bus station.jpg|thumb|right|[[Söğütözü]] business district in [[Ankara]], Turkey's capital and second largest city]] 

Turkey's economy resumed its growth between 2009 and 2013, which was followed by a period of stagnation and recession between 2014 and 2020. Turkey's GDP began to recover and grow again in the period between 2020 and 2024.

In 2020, the total value of assets of the banking sector in Turkey amounted to more than $800 billion.<ref>{{cite web |title=Leading banks in Turkey by total assets, 2020|url=https://www.statista.com/statistics/857299/leading-banks-in-turkey/ |website=Statista |access-date=14 January 2024|language=en}}</ref> As of January 2021, there were a total of 48 banks operating with 9,880 branches in Turkey and 71 branches abroad.<ref name="banking1">{{cite web |title=Banking System in Turkey |url=https://www.allaboutturkey.com/banks.html |website=www.allaboutturkey.com |access-date=14 January 2024}}</ref> {{as of|2021|October}}, the foreign currency deposits of the citizens and residents in [[List of banks in Turkey|Turkish banks]] stood at $234 billion, equivalent to around half of all deposits.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2021-10-14/the-fate-of-turkey-s-battered-lira-hangs-with-local-investors|title=The Fate of Turkey's Battered Lira Hangs With Local Investors|publisher=Bloomberg|website=bloomberg.com|date=14 October 2021}}</ref><ref>{{cite web|url=https://www.aljazeera.com/economy/2021/10/14/turkish-lira-falls-out-of-favour-with-local-investors-again|title=Turkish lira falls out of favour with local investors again|publisher=Al Jazeera|website=aljazeera.com|date=14 October 2021}}</ref> {{as of|2024|October}}, the foreign currency reserves of the [[Central Bank of the Republic of Turkey|Turkish Central Bank]] were $85 billion, its gold reserves were $67.4 billion, while its official reserve assets stood at $159.8 billion.<ref>{{cite web|url=https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Statistics/Balance+of+Payments+and+Related+Statistics/International+Reserves+and+Foreign+Currency+Liquidity/|title=International Reserves and Foreign Currency Liquidity - October 2024|publisher=Central Bank of the Republic of Turkey|website=tcmb.gov.tr|access-date=5 December 2024}}</ref>