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Anadolu Agency: News in English, 00-12-11

Anadolu Agency: News in English Directory - Previous Article - Next Article

From: The Anadolu Agency Home Page at <http://www.anadoluajansi.com.tr/>

Anadolu Agency

ANADOLU AGENCY

NEWS

11 DECEMBER 2000

Monday


CONTENTS

  • [01] TURKEY-PRESS SCAN
  • [02] FORMER PRESIDENT DEMIREL GOES TO ISRAEL
  • [03] TURKEY TO COOPERATE WITH HUNGARY AND NETHERLANDS IN
  • [04] PRIME MINISTRY SAYS IMF LOAN CREATED RELIEF IN MARKETS
  • [05] PRIME MINISTRY:''IT'S BEEN DECIDED TO GRANT CERTAIN MANAGEMENT
  • [06] CONSTITUTIONAL COURT TO START TO HEAR THE CLOSURE
  • [07] ''GOLDEN YEAR'' EXPECTATION IN TOURISM
  • [08] GAP REGION EXPORTS FRUIT, VEGETABLE AND INDUSTRIAL PRODUCTS WORTH
  • [09] PRIME MINISTER ECEVIT:
  • [10] FINANCE MINISTER ORAL: ''MARKETS AND FIGURES HAVE STARTED
  • [11] COTTARELLI, CHIEF OF IMF'S TURKEY DESK, DEPARTS FROM TURKEY
  • [12] FINANCE MINISTER ORAL: ''OUR DETERMINATION IN
  • [13] SALE OF BANKS TRANSFERRED TO FUND
  • [14] CENTRAL BANK GIVES 965 TRILLION TURKISH

  • [01] TURKEY-PRESS SCAN

    These are some of the major headlines and their brief stories in Turkey's press on December 11, 2000. The Anadolu Ajansi does not verify these stories and does not vouch for their accuracy.

    HURRIYET (LIBERAL)

    TOUGH DECISION FOR SEZER
    President Ahmet Necdet Sezer is having a hard time deciding on the amnesty law. He will have to make a decision between the Constitution and the public conscience. He was caught between citizens who are hurt by the amnesty law and the decisions he took nine years ago when he was a member of the Constitutional Court.

    FOREIGN INVESTORS RAN AWAY IN TWO WEEKS
    The recent economic crisis in monetary in capital markets caused the foreign investments to leave Turkey. A total of 7 billion U.S. dollars of invetsments left Turkey in two weeks. This amount is higher than 6.5 billion U.S. dollars which came to Turkey between 1992 and 1998.

    MILLIYET (LIBERAL)

    TURKISH HOLIDAY MAKERS PREFER TO GO ABROAD DURING RAMADAN HOLIDAY
    Turkish holiday makers who are offered very attractive holiday options by travel agencies have decided to spend their 10-day holiday abroad, not in Turkey. This caused a disappointment in holiday centers in Turkey. It is almost impossible to find plane tickets from Turkey to European countries. Tourism experts indicated that one week of vacation in the Aegean or Mediterranean costs the same amount with Europe, which is a factor in the shift to European cities. Rome and Venice are the most preferred cities this year.

    2001 INVESTMENTS SUSPENDED
    Investment expenses will be limited 10 percent as a part of the additional financial measures which were demanded by the IMF. The State Planning Institution (DPT) is now deciding over the investments which will be suspended next year. All investment plans except for transportation, energy, education and health will experience a delay.

    SABAH (LIBERAL)

    ECEVIT TO UTTER THE LAST WORD
    The activists want the government ''to give assurances'' to the non- governmental organizations like the Doctors Association and the Association of Bars to put an end to the ongoing death fasts which entered to the 53rd day. Detente was provided on Sunday after intense contacts. Prime Minister Bulent Ecevit is expected to disclose the compromise which was reached.

    BE CAREFUL: RAINY WEATHER IS COMING
    Turkey will be under the influence of the rainy weather starting as of Monday. The rain is expected in the Marmara, Aegean, Mediterrenean, and Western Black Sea regions, and snow in other regions. Despite the precipitation, there will not be a significant change in temperatures.

    CUMHURIYET (LEFT)

    THERE IS NO CONCRETE STEP
    No compromise could be reached in death fasts on the 53rd day. Statement of Justice Minister Hikmet Sami Turk that transition to the F type prisons was postponed, was not found as satisfactory by the activists.

    Journalist Oral Calislar said solution atmosphere could not be found during their talks in Bayrampasa Prison. He said the death fasts would not end unless cell type prisons are removed totally, and unless guarantee was given to them.

    12 YEAR COMPULSORY EDUCATION DELAYED TO 2004
    It seems impossible to implement the 12 year compulsory education before the year 2004 because of the budget and basis deficiencies. Educationalists say extension of the period of education would have no use before the solution of the problems.

    RADIKAL (LEFT)

    CYPRUS WEEK IN THE U.N.
    The U.N. Security Council will discuss mandate of Peacekeeping Forces (UNFICYP) this week. Alvaro de Soto, the U.N. special envoy for Cyprus, will brief the Security Council. De Soto held contacts on the Island following the decision of Rauf Denktas, the President of the Turkish Republic of Northern Cyprus (TRNC), to withdraw from the proximity talks. Later, the Council will discuss the draft about UNFICYP.

    KIVRIKOGLU IN PRIME MINISTRY
    Prime Minister Bulent Ecevit will meet with Gen. Huseyin Kivrikoglu, the Chief of General Staff, today. Ecevit and Kivrikoglu are expected to discuss the situation in relations with the European Union (EU), following the Nice Summit of the EU, which Premier Ecevit attended.

    YENİ BİNYIL (LIBERAL)

    FOREIGN PRESS SAYS NO DEVALUATION RISK IN TURKEY
    British magazine the Economist, in its last issue, indicated that Turkey had the biggest economy and stragetic importance in the area stretching between Italy and India and added that the IMF's financial assistance came in the right time. Without the IMF loan, Turkey would have been drifted to chaos, the magazine said. The Economist wrote that Turkey should not waste time to improve its banking system.

    DEMIRBANK EMPLOYEES PROTEST BANK'S TRANSFER
    Employees of Demirbank which was recently transferred to the Savings Deposit Insurance Fund are continuing their protests on the internet. ''We want our bank back,'' the employees wrote on the internet. Criticizing the state's taking control over the bank, employees said Demirbank found itself in this position only because it trusted the government and bought treasury bonds.

    TURKIYE (RIGHT)

    AMNESTY LAW WAITS FOR APPROVAL FROM CANKAYA
    Jurisdiction reform should be issued soon to improve the prisons. If the reform, which the Justice Minister Hikmet Sami Turk focused on, can not be materialized, the prisons will be filled again soon, and they will turn into directing camps. The judicial system will not be able to function under this heavy burden.

    QUAKES CAUSE FEAR
    Quakes, which occurred in eastern Van and the Aegean Manisa provinces, caused fear. The quakes were measuring 3.0 and 3.7 on the Richter scale. There are no reported casualties or financial damage.

    ERCEL IN PROMOTION TOUR
    Central Bank Governor Gazi Ercel and Ugur Bayar, the Chairman of the Privatization Board (OIB), will promote Turkey in several meetings that will be held in the giant finance centers abroad.

    Sources said on Sunday that representatives of 15-20 giant banks will attend the meeting which will be held in Frankfurt on Monday.

    A similar meeting will be held by the American finance circles in New York on December 13.

    ZAMAN (CONSERVATIVE)

    PROSECUTOR TALAT SALK SAYS OCALAN COULD BENEFIT FROM AMNESTY
    Prosecutor Talat Salk who prepared the indictment of Abdullah Ocalan's case claimed that even if President Ahmet Necdet Sezer approves the draft law on amnesty, the Constitutional Court won't approve it, as the draft violates the equality principle. Talat Salk said if the Constitutional Court doesn't approve the draft as it is, and sends it back to the parliament then many terrorists and Abdullah Ocalan, the head terrorist can also benefit from the amnesty. The Constitutional Court had earlier annuled a draft law on amnesty prepared by again Bulent Ecevit in 1974, and turned it into a ''general amnesty'', stating that the draft violated the equality principle.

    [02] FORMER PRESIDENT DEMIREL GOES TO ISRAEL

    ANKARA - Former President Suleyman Demirel has said that ''Turkey is ready to show all kinds of efforts to rebuild peace to the Middle East.''

    Demirel left for Israel early Monday to participate in the activities of the International Fact Finding Committee which was set up regarding the clashes between Israel and Palestine.

    Speaking at Ankara's Esenboga Airport prior to his departure, Demirel indicated that the first meeting of the committee was held in New York on Nov. 26-27. Noting that the committee will convene again today in Tel Aviv, Demirel said he would meet with Israeli Prime Minister Ehud Barak and Palestinian President Yasser Arafat.

    On Tuesday, Demirel will pass to Egypt and Jordan where he will meet with Egyptian President Hosni Mobarak and King Abdullah of Jordan.

    ''Let's hope that all these activities would yield a result,'' Demirel said. ''Turkey has always supported peace. Today, we have an international task. Turkey is ready to show all kinds of efforts to rebuild peace in the Middle East.''

    Responding to a question, Demirel said Barak's resignation was not an obstacle for his personal efforts.

    [03] TURKEY TO COOPERATE WITH HUNGARY AND NETHERLANDS IN

    AGRICULTURE AND VETERINARY FIELDS
    ANKARA - Turkey, the Netherlands and Hungary will cooperate in agriculture and veterinary fields, the sources said on Monday.

    The memorandum of understanding which was signed between the Turkish Agriculture and Rural Affairs Ministry and Dutch Agriculture, Nature Management and Fishing Ministry was published in today's Official Gazette.

    According to the agreement, the two countries will work together in forming an agricultural policy, live stock breeding, veterinary issues, food industry and security, nature management and rural affairs. The sides will prepare 2-year activity plans where they list solid plans for cooperation. There will be expert exchange and education between Turkey and the Netherlands.

    The agreement will also speed up activities of the Agriculture Study Group which was set up on April 22, 1986.

    Another agreement on veterinary field has been signed between Turkey and Hungary. According to tha agreement, the sides will work together and take measures against epizootic diseases in animals. Through this agreement, Turkey and Hungary agreed to notify each other every month about the animal diseases which are detected in their own land.

    [04] PRIME MINISTRY SAYS IMF LOAN CREATED RELIEF IN MARKETS

    ANKARA - The Prime Ministry has announced that the IMF loan of 10 billion TL and other economic measures which followed the economic fluctuations, rebuilt confidence in the markets. In a statement released from the Prime Ministry on Monday, it was said that the bidding ads for the privatizations of Turk Telekom and the Turkish Airlines would be published in newspapers on Dec. 14, 2000.

    The statement also declared that the Electricity Market draft law which will enable the rapid privatization of the electricity sector would be represented to Parliament before Dec. 14, Thursday.

    [05] PRIME MINISTRY:''IT'S BEEN DECIDED TO GRANT CERTAIN MANAGEMENT

    RIGHTS TO STRATEGIC PARTNER IN TELEKOM'S PRIVATIZATION''
    ANKARA - Activities necessary for the privatization of Turk Telekom and the Turkish Airlines (THY) have been completed and regulations became effective as of Dec. 8, 2000, a written statement from the Prime Ministry said on Monday.

    The Ministers Council decision which organizes the sales of Telekom's shares was signed by the President on Dec. 8, 2000 and it was put into implementation, it was stated.

    ''The bidding ads will appear in newspapers starting on Dec. 14,'' the Prime Ministry said. ''The amount of Telekom's shares which will be privatized has been increased from 20 to 33.5 percent. It was also agreed to grant certain management rights to the strategic partner in Telekom's privatization.'' This means that the strategic partner will decide on a wide range of subjects such as personnel, investments, financial affairs and changes in the main agreement, and appointment of high level executives.

    Regarding the privatization of the THY, the Prime Ministry said all legal and tehnical works regarding the 51 percent sales of the THY have been completed and the regulations took effect on Dec. 8, 2000 through the decision of the Privatization Higher Board.

    [06] CONSTITUTIONAL COURT TO START TO HEAR THE CLOSURE

    CASE AGAINST VIRTUE PARTY
    ANKARA - Constitutional Court will start to hear the case on December 12, which was opened for the closure of the Virtue Party (FP). The Constitutional Court will first discuss the claim of Vural Savas, the Republican Chief Prosecutor of the High Court of Appeals, that second paragraph of the 103rd article of Political Parties Law contradicted with the Constitution.

    The Constitutional Court will first decide whether to accept the claim of Savas. Then, if a decision to annul the second paragraph of Article 103 is given, first of all, the reasoned verdict of the decision will be written and it will be published in the official gazette, and the court will continue to hear the closure case.

    If the claim is rejected, then the High Court of Appeals will discuss the closure case without giving intervals.

    The Constitutional Court will decide if the Virtue Party (FP) would be closed or not; and if it decides for closure of the party, it will also decide which Parliamentarians will be stripped of their deputyship.

    Top title of the Article 103 of the Political Parties Law, which Savas claimed as contradicting with the Constitution, arranges, ''a political party's being a center for banned activities.''

    In the case about closure of the Welfare Party (RP), the Constitutional Court decided that the second paragraph of Article 103 of the Law on Political Parties, which was not changed at that time, was in contradiction with the Constitution as it heard the case like a local court.

    The Supreme Court decided that the article in question of the Law on Political Parties was in contradiction with the sixth paragraph of Article 69 of the Constitution.

    Article 103 of the Law on Political Parties of that time is as follows:

    ''If a political party is proved to have been the source where the actions that contradict with the rules of Articles 78, 88 and 97 of this Law are carried out, this political party is closed by the Constitutional Court.

    This political party's being the source of these actions is proved when it is proved that these actions are carried out intensely by this political party's members.''

    If the Constitutional Court agrees with the Chief Prosecutor's thesis about contradiction with the Constitution and annuls the second paragraph of Article 103 of the Law on Political Parties, the Constitutional Court will make a decision alone whether or not the FP and People's Democracy Party (HADEP) became the source of these actions without taking into consideration any criteria.

    Supreme Court Republican Chief Prosecutor Vural Savas filed a lawsuit against the FP on May 7, 1999 stating that ''FP is the continuation of the closed RP, and it became the source of the actions against secularism'' and requested its closure by the Constitutional Court.

    Chief Prosecutor Savas also requested to Court to strip off deputyship of all FP deputies except Aydin Menderes who resigned from FP one day before the closure case.

    Later, the FP made its preliminary defense and the Chief Prosecutor made his opinion on the merits of the case.

    After the FP submitted its written defense on the merits of the case, the FP officials made their verbal defense and the Cheif Prosecutor made a verbal statement.

    [07] ''GOLDEN YEAR'' EXPECTATION IN TOURISM

    KUSADASI - In the brochures of Europe's big tour operators for the year 2001, it was stated that there will be an extreme demand to Turkey.

    Hasan Tombul, the owner of Diana Tourism, said demands of the European tourists will be intensified especially in Antalya region in 2001 season.

    It was reported that in the 2001 tourism season, Turkey will leave the figures of 2000 in many data.

    [08] GAP REGION EXPORTS FRUIT, VEGETABLE AND INDUSTRIAL PRODUCTS WORTH

    OF 92.1 MILLION U.S. DOLLARS
    GAZIANTEP - Fruit, vegetable and industrial products worth of 92 million 143 thousand U.S. dollars were exported from the Southeastern Anatolia Project(GAP) region in the first eleven months of the year. This indicates a decrease of 7.5 percent when compared to the same period of last year. Fruit, vegetable and industrial products worth of 99 million 591 thousand U.S. dollars were exported from the region last year.

    The share of the fruit, vegetable and industrial products export in the total exports of the region had decreased to 18 percent in the first eleven months of the year. The share of the fruit, vegetable and industrial products export in the total exports of the region was 19.1 percent in the same period of 1999.

    The data of the Association of the Southeast Anatolia Exporters show that fruit and vegetables worth of 21 million 759 thousand U.S. dollars, chemicals worth of 22 million 589 thousand U.S. dollars, cement worth of 9 million 345 thousand U.S. dollars, iron and non iron products worth of 4 million 572 thousand U.S. dollars was exported from the region between January and November.

    Ready-to-wear products worth of 16 million 34 thousand U.S. dollars, electric and electronic products worth of 7 million 117 thousand U.S. dollars, and various products worth of 10 million 727 thousand U.S. dollars was made from the GAP region in the same period of 2000.

    Fruit, vegetable and industrial products were mainly exported to the European Union, Middle East countries and the Turkish Republics.

    [09] PRIME MINISTER ECEVIT:

    -''WE WILL NOT RUSH ON IMPLEMENTATION OF F TYPE PRISONS''
    ANKARA - Prime Minister Bulent Ecevit said on Monday, ''we will not rush on implementation of F type prisons. I wish that prisoners would give up their death fasts as soon as possible. I expect relatives of the prisoners would make necessary contribution.''

    Responding to questions of journalists, Prime Minister Ecevit recalled, ''the General Staff released a statement a few days ago. I met with General Huseyin Kivrikoglu, the Chief of General Staff, earlier today. He informed me on the statement at the meeting. I have already read the statement previously. Meanwhile, there are some urgent problems regarded with our foreign relations. We exchanged opion about these problems.''

    Referring to death fasts at prisons which entered the 52nd day, Prime Minister Ecevit said, ''another important issue is that the death fasts are still continuing although 50 days have passed since the beginning of death fasts. It is a distressing incident. Human life is precious. Human beings do not have the right to kill someone else or themselves. Justice Minister Hikmet Sami Turk made the necessary statement on the issue of F type prisons. We will not rush on implementation of F type prisons. Also, this issue is not related with the cell system. Because there are places with one-room, two-room or three-room in the F type prisons. At the same time, inmates will be able to come together in certain activities like sports games. Isolation is out of question in these prisons. Those who have prepared these protests, aimed at putting pressure on the state. It is impossible to accept such a pressure. As Justice Minister Turk and I said before, we will not rush on implementation of F type prisons. I call on fathers and mothers of these young people: Please do not allow your children to kill themselves. I wish that these death fasts would come to an end as soon as possible. I expect relatives of the prisoners would make necessary contribution.''

    When claimed by a journalists, ''prisoners who have joined the death fasts, are continuing the action without their own will, but as a result of pressure put by their organizations,'' Prime Minister Ecevit said, ''I do not know whether or not they are under pressure. But it is an unforgivable action. I wish that these death fasts would come to an end as soon as possible.''

    When recalled by a journalists that the General Staff had concerns about politicization of the terrorist organization PKK, Prime Minister Ecevit told reporters, ''I share these concerns. In fact, these are not concerns, but facts. When PKK failed to come to a conclusion in its terrorist activities, it has begun to prioritize political activities. Several circles in some European countries are supporting the terrorist organization PKK.''

    When asked whether or not the issue of broadcast in Kurdish language was brought onto agenda of his meeting with General Kivrikoglu, Prime Minister Ecevit said that the meeting had focused on the content of the General Staff's statement.

    [10] FINANCE MINISTER ORAL: ''MARKETS AND FIGURES HAVE STARTED

    TO BECOME NORMAL AS A RESULT OF THE MEASURES WE TOOK''
    ANKARA - Finance Minister Sumer Oral said on Monday that the government had rapidly and effectively intervened in the fluctuations occurred in the liquidity field of the financial markets. ''The economic figures are turning back to normal in markets,'' Oral said.

    Stressing that the government was implementing the program with determination, Oral said that they would do what was necessary to reach the targets of the programme.

    Discussions of the draft laws on 2001 Fiscal Year Budget and 1999 Year Definite Accounts started in the Parliament General Assembly.

    Addressing the Parliament, Oral said ''this budget is the second tranche of the three-year economic programme that we are implementing with determination. Besides, it is the first budget of the Eighth Five-Year Development Plan and Long Term Strategy which aimed at making the Republic be one of the top ten economies in the world in 2023 which will be the 100th anniversary of the Republic of Turkey,'' he said.

    ''With this programme, the government aimed to give a sound structure to economic and financial institutions, including especially the public finance which is the main reason for instability in the economy; to decrease the high chronic inflation; to re-create and encourage investments atmosphere; and to create an atmosphere of stable and lasting development based on a sound ground with the support of structural reforms,'' he said.

    Oral said they targeted to make Turkey a stable and distinguished state which gets more share from the opportunities brought by globalization and make it a regional power that can guide the political and economic organizations in accordance with its interests.

    ''As a result of the determination displayed so far in implementation of the economic programme, we won approval and confidence of domestic and external markets and the Turkish people, and we have recorded important progress,'' he said.

    Finance Minister Oral said that the real economy had re-started its essential activities as the programme had won approval of domestic and foreign circles, Turkey could raise money through external borrowing and interest rates had sharply decreased.

    ''The economy grew 4.1 percent in first quarter, 4.6 percent in second quarter and 6.9 percent in third quarter of the year. Thus, the growth rate in gross domestic product (GDP) became 5.4 percent at the end of the third quarter. The nine-month growth rate became 1.9 percent in agriculture, 5.8 percent in manufacturing and 7.9 percent in services. In this period, the gross national product (GNP) enlarged 6.5 percent. The monthly figures show that the increase in production continued also in October. All of these positive developments put forward that the growth rate in the economy will be 6 percent at the end of 2000,'' he said.

    Oral stated that the inflation target for the end of 2000 would be reached after a few months postponement due to the high increase in oil prices and increase in demand stemmed from the recovery in the economy and decrease in interest rates.

    ''We are determined to eradicate the inflation which is a real economic and social swamp. And I want to clearly say that the swamp is getting dried. This government is determined to decrease the inflation rate to one-digit number at the end of the last year of this programme,'' he said.

    Oral said that the current deficit was expected to be 8.2 billion U.S. dollars or 4.1 percent of the GDP at the end of 2000.

    Oral added that they had raised 7.5 billion U.S. dollars through external borrowings since the beginning of the year to finance the budget.

    (To be continued)

    [11] COTTARELLI, CHIEF OF IMF'S TURKEY DESK, DEPARTS FROM TURKEY

    ISTANBUL - Carlo Cottarelli, the Chief of International Monetary Fund's (IMF) Turkey Desk, left Turkey on Monday for Frankfurt, Germany, after wrapping up his contacts in Ankara.

    Cottarelli refrained from responding to questions of journalists about economy by saying that everything necessary was told previously.

    [12] FINANCE MINISTER ORAL: ''OUR DETERMINATION IN

    IMPLEMENATION OF DISINFLATION PROGRAMME WILL CONTINUE''
    ANKARA - Finance Minister Sumer Oral said on Monday that the 2001 year budget had been prepared as an element of an economic policy which was based on a sound public finance and targeted at stability.

    ''2001 will be the year in which our determination in decreasing the high chronic inflation and public sector deficits will continue,'' he said.

    Addressing the Parliament General Assembly, Oral said that one more step would be taken on the path for achievement of targets of the three-year economic programme with the 2001 year budget. ''The measures we took will be consolidates and the structural reforms will continue.''

    According to the Finance Minister's statement, the basic figures foreseen for 2001 are as follows:

    ''-Gross National Product (GNP): 153 quadrillion 405 trillion Turkish lira (TL),

    -Growth Rate: 4.5 percent,

    -GNP deflator: 18 percent,

    -Wholesale Price Index (WPI) annual average: 15.2 percent,

    -WPI at the end of 2001: 10 percent,

    -Consumer Price Index (CPI) annual average: 19.5 percent,

    -CPI at the end of 2001: 12 percent,

    -Average U.S. dollar currency: 714.000 TL,

    -Exports: 31 billion U.S. dollars,

    -Imports: 54.5 billion U.S. dollars,

    -Expenditures: 48 quadrillion 360 trillion TL,

    -Revenues: 43 quadrillion 127 trillion TL,

    -Budget deficit: 5 quadrillion 233 trillion TL,

    -Non-interest surplus: 11 quadrillion 444 trillion TL.''

    Oral said that the budget revenues had been foreseen to be comprised of 31 quadrillion 777 trillion TL of tax incomes, 8 quadrillion 22 trillion TL of non-tax normal incomes, 3 quadrillion 28 trillion TL of special incomes and funds, 300 trillion TL of added budget incomes, and 3.7 quadrillion TL of provatization.

    Oral said that 88 percent of tax incomes had been used to finance interest paymets in 2000 but it would decrease to 52 percent in 2001.

    Oral said that the state tender draft law which was based on the EU and international tender standards and comprised of principles like transparency, competition and public control would be submitted to the Parliament as soon as possible.

    Noting that the government had rapidly taken every legal, administrative and financial measures to heal the wounds of quake survivors, the Finance Minister said, ''several public institutions and organizations have spent 1 quadrillion 623 trillion TL on reconstruction in quake-hit region between August 17, 1999 and October 31, 2000.''

    Oral added that allocation of source to the quake-hit region would continue till complete removal of material losses and till re-settlement of lost productive power.

    Finance Minister Oral added that their main target was to decrease the inflation, create a sound public finance balance and settle a continuous increase in growth rate and prosperity.

    (End)

    [13] SALE OF BANKS TRANSFERRED TO FUND

    ISTANBUL - Tevfik Altinok, the Chairman of the Joint Executive Board which was formed for eight of the eleven banks that are under control of the Savings Account Insurance Fund, said on Monday that applications to purchase those banks were made to the Banking Regulatory and Supervisory Authority (BRSA), adding, ''we are waiting.''

    Responding to questions of the A.A correspondent about the invitation to potential purchasers on December 15 for sale of eight banks, Tevfik Altinok said that the BRSA was informed about the developments.

    Recalling that applications were made to the BRSA, Altinok said, '' we are waiting. First of all, we should see whether or not there is a demand, later, we will steer our works.''

    When asked whether or not the other three banks would be transferred to the joint executive board, Altinok said that those banks would be transferred to the unit after finalization of their transfer balance sheets.

    A joint executive board had been formed for sale of eight banks (Turk Ticaret Bankasi, Bank Ekspres, Interbank, Yurtbank, Egebank, Sumerbank, Esbank and Yasarbank), and later, the BRSA announced on November 16 the action plan for sale of these eight banks.

    According to the action plan, a 6.1 billion U.S. dollars of source which is necessary for strengthening of financial structures of these banks before sale of their shares was lent to the BRSA by the Treasury Undersecretariat.

    After this stage, it was stated that the BRSA would start to accept the applications of the potential investors as of November 20.

    In accordance with the action plan, evaluation of the bids and works on finalization of tenders will end in April of 2001.

    After this stage, the sales contracts will be signed and shares of these banks will be transferred.

    [14] CENTRAL BANK GIVES 965 TRILLION TURKISH

    LIRA TO MARKET THROUGH THREE-DAY REPO TENDER
    ANKARA - Central Bank gave on Monday 965 trillion Turkish lira (TL) to the market through a three-day repo auction.

    Sources said that the composite interest rate became 229.90 percent and the simple interest rate became 119.55 percent, adding that the total bid had been 1 quadrillion 605.7 trillion TL.

    Meanwhile, the overnight Turkish lira borrowing interest rate became 100 percent at Interbank while it fluctuated between 100-110 percent in the repo market.


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