Banking sector in Turkey extremely powerful: Babacan

DALIAN

Turkish Deputy Prime Minister Ali Babacan said on Friday banking sector in Turkey is powerful underlining importance of "fiscal discipline."

"Banking sector in Turkey is extremely powerful. We've acted conservatively on the field of regulation and supervision and we've succeeded," Babacan told at a session of the World Economic Forum (WEF) held in Dalian City, China.

During his speech, Babacan stressed the importance of growth, which creates employment and "strong banking system" and "fiscal discipline", which he said they are the two strong factors of Turkey's economy.

Reminding Chinese banking system and problems of shadow banking, Turkish Deputy Prime Minister stated that Chinese banking system should take lessons from Turkey.

Turkish minister also emphasized that Turkey's budget deficit is low and rate of debt sustainability is very high.  

Ali Babacan is scheduled to return to Turkey on Friday. 

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