Turkey’s central bank to move to Istanbul early 2020 - Sözcü

The Central Bank of Turkey will complete moving its headquarters from the Turkish capital of Ankara to the country’s financial powerhouse Istanbul in the first four months of 2020, Sözcü newspaper reported on Saturday. 

The central bank’s move will take place despite Turkish law stipulating that the institution should operate form Ankara, Sözcü said.

The decision to move the central bank follows similar decisions made for the Banking Regulation and Supervision Agency (BDDK), the Capital Markets Board (SPK) and the Treasury. 

Lütfi Türkkan, a deputy of the nationalist Good Party, on Thursday shared at the Turkish parliament the decision to move headquarters to Istanbul agreed by the central bank’s governing committee on Dec. 3, Sözcü said.  

Some 2,400 employees of the central bank will move to Istanbul as a result, which means losing an important source of human capital for Ankara, Türkkan said. 

Sözcü said that the central bank would first move to a building rented from Turkey's Savings Deposit Insurance Fund (TMSF) located in the Ümraniye district on Istanbul’s Asian side. Meanwhile, the construction of an Istanbul headquarters for the central bank is expected to be completed in 2020, it said.