| |
(FEAS), International Securities Services Association (ISSA), International Securities Market Association (ISMA), and the European Capital Markets Institute (ECMI). It has also become an affiliate member of the International Organization of Securities Commissions (IOSCO). |
|
| |
| On the other hand, the Turkish Central Bank began to determine the foreign exchange rates on a daily basis as of May 1981 by taking into consideration the changes in domestic and foreign price levels, the balance of payments and the developments in international foreign currency markets. This practice continued until August 1988 when the exchange rates began to be determined on the foreign currency market. The Turkish Central Bank has started the Open Market transactions in 1987 and also opened the gold market in May 1989. |
| |
| The foreign exchange regime was also liberalized to a great extent as of 1984. A variety of decrees and decisions concerning the protection of the value of the Turkish currency were responsible for this liberalization. Decree No. 32 on the Protection of the Value of the Turkish Currency, which went into effect on August 11, 1989, established the legal framework for the convertibility of the Turkish currency. |
| |
 Privatization: The first privatization practices in Turkey started in 1985 and many legal arrangements were made to surmount the practical difficulties. The Law No. 4046, enacted in 1994, established a comprehensive legal infrastructure for privatization practices. During the privatization process, continuing for more than 20 years, a privatization operation exceeding the amount of USD 30 billion has been realized. USD 20.6 billion of that privatization has been implemented between the period of 2005 and 2007. The most important privatizations during that period are the block sales of Türk Telekom, Erdemir, Eti Alüminyum and TÜPRAŞ, public offering of THY, Vakıfbank, and PETKİM and the renting of Atatürk Airport. Most of the hotels and business centers of Retirement Fund has been sold during that period. The privatization operations, which the bidding processes of had ended and presently at the approval or contract stage, are the handing of the operating rights of the vehicle examination stations and Mersin Port, and the sales of the land in Ortaköy-Istanbul. The total value of these operations is USD 2.17 billion. |
| |
|
| |
|
