April 4, 2019 / 12:31 PM / in 16 days

Turkey plans to move Treasury units to Istanbul - sources

ISTANBUL, April 4 (Reuters) - Several units of Turkey’s Treasury and Finance Ministry are expected to be moved to Istanbul from Ankara, three sources told Reuters, to support steps to make the city a financial hub.

The directorates of public finance and foreign economic relations within the finance ministry will be transferred, the sources with knowledge of the matter said.

According to the plans, the directorate of insurance within the ministry will also be transformed into a standalone insurance supervision and regulation authority, they said.

Several public institutions including the banking watchdog and state lenders have already been moved to Istanbul, which hosts around a fifth of Turkey’s 82 million population.

“The finance ministry was asked to work on this move. It is being discussed. The main aim is to support Istanbul to become a financial hub,” a source close to the matter said.

The finance ministry did not comment.

“There might be additional discussions on moving some more,” another source said.

The sources said structural changes were put on hold ahead of Turkey’s March 31 elections, but may be announced next week. (Writing by Ezgi Erkoyun Editing by Dominic Evans)

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