Financial centre

Finance minister Jeremy Hunt is today due to announce new measures to support Britain's powerful financial sector, seeking to make the U.K. the "most innovative and competitive" financial centre in the world.

The Istanbul Finance Center (IFC) is an important project for the Turkish economy that will allow international funds to flow into the country, Environment, Urbanization and Climate Change Minister Murat Kurum has stated.

"The Istanbul Finance Center project will have a very important place in the future of the Turkish economy," Kurum said at a news conference at the IFC.

The Turkish Central Bank will move its headquarters from Ankara to Istanbul this summer, according to an internal e-mail notice reported by the local media on Feb. 14. 

Last year, Central Bank Governor Şahap Kavcıoğlu told the media about plans to relocate the bank's units to the Istanbul Financial Center (IFC), which is still under construction, within 2022.

Global bank capital rules should be applied in full across the European Union, the bloc's banking watchdog said on Monday, dashing industry hopes for leniency after a decade of intense regulation.

Istanbul's rank jumped 9 spots in the Global Financial Centres Index (GFCI), to 59th place, according to GFCI's latest ranking.

The European Medicines Agency (EMA) moved to Amsterdam and the European Banking Authority (EBA) - in Paris. This is the final outcome of the EU Council meeting, which lasted until late Monday, where the 27 member states (naturally without the UK) have decided where to move the two agencies. They have to leave London because of Britain's decision to leave the EU, reports capital. 

In a leading index of global financial centers, Istanbul has fallen 12 places to 78th, despite a rise in its rating, among 92 centers across the globe on factors such as infrastructure and access to high quality staff.

Istanbul's overall average rating is 617 in the 22nd Z/Yen global financial centers index (GFCI), up from 609 in the previous index. 

Britain's exit from the European Union will not affect London's leading role in global finance but is instead likely to create a great opportunity for the City of London to focus more on other areas, including emerging markets, Lord Mayor Andrew Parmley said March 16. 

A law on the Istanbul Finance Center (IFC) will soon be issued, Finance Minister Naci Ağbal has said, adding that the center will offer many opportunities to attract investors. 

In a leading index of global financial centers Istanbul has fallen 12 places to 57th, mainly due to uncertainties. 
Istanbul's overall average rating is 591 in the 20th Z/Yen global financial centers index (GFCI) of 87 financial centers, down from 636 and 45th place in the previous list, which was released in March.