Turkish banking watchdog down to two board members

Turkey’s banking Regulation and Supervision Agency (BDDK), charged with overseeing the nation’s banks, has just two directors left on its seven-member board.

Only Chairman Mehmet Ali Akben and board member Olcay Turan remain, according to the board’s organizational chart published on its website.

The BDDK was created in 2000 under International Monetary Fund-inspired reforms to render supervision of the industry independent of political interference.

The board lost four members after their terms expired in the summer and they haven't been replaced. Muhiddin Gulal also left to become head of the Savings and Deposits Insurance Fund (TMSF).

The agency has stopped publishing many reports in English. It’s last annual report on the industry was released in May 2015. It’s last press release was issued in December 2016. It continues to publish its Daily Banking Sector Report, an Excel file of banks’ assets and liabilities.

Akben, who became chairman in 2015, previously worked at the TMSF and Islamic bank Turkiye Finans Katilim Bankasi. Turan was appointed board member in 2013 after serving as head of the legal affairs department.