Turkish Treasury and Finance Ministry units to move to Istanbul within month – Oda TV

Turkish Treasury and Finance Minister Berat Albayrak has signed an order to begin moving units of his ministry from the capital city of Ankara to Istanbul, journalist Barış Terkoğlu reported for Turkish news site Oda TV on Friday.

The move will involve several of the ministry’s most important units in several key directorates, including units responsible for domestic debt, the unit on foreign borrowing, and all units at the directorate dealing with Turkey’s financial sector except the foreign exchange unit.

On August 5, deputy minister Bülent Aksu reportedly called a meeting to tell staff that the move was starting immediately and would be complete by early September. Aksu told dissenting general managers at the ministry that the move was not a request but an order, Terkoğlu reported.

Albayrak signed the order for the move on Friday, the journalist said.

The sudden nature of the move and the short time frame given for it could lead to staff departures, while it also has the potential to create legal complications, since Turkey’s constitution states that central administration should be based in Ankara, experts told Oda TV.

However, the Turkish government is determined to move the ministry as well as the central bank to Turkey’s largest city to “improve its financial clout”, Reuters reported in late July, citing officials familiar with the plan.

“Most of the central bank’s functions, including its key decisions and operations, are expected to be relocated to the country’s largest city within two years”, Reuters quoted the sources as saying, adding that the bank and ministry would eventually be located in the partially-built Istanbul Finance Center on Istanbul’s Asian side.