[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108675-en":3,"doc-seo-108675-105":30,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108675,7971461740909,"Levi","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","Türkiye - Financial Sector Assessment - FSAP Update (2016)","Türkiye Financial Sector Assessment (FSAP) updates the 2016 program findings through an IMF-World Bank joint mission conducted virtually in early 2022 and in person later in 2022. The report consolidates the mission’s main results, highlights key vulnerabilities and development constraints across banking supervision, capital markets, long-term finance, financial inclusion and fintech, and the State’s role. It also covers crisis management, bank resolution and the safety-net framework, non-performing loan oversight, climate risks and opportunities, crypto and cyber risks, PFMI and Insurance Core Principles progress, and macroprudential/systemic liquidity management, including selected AML/CFT issues.","Public Disc losure Authorized  \nFOR OFFICIAL USE ONLY  \nREPUBLIC OF TÜRKİYE  \nFINANCIAL SECTOR ASSESSMENT  \nPub lic Disc losure Authorized  \nPrepared By  \nFinance, Competitiveness, and Innovation Global Practice and  \nThe Europe and Central Asia Regional Vice Presidency  \nA joint IMF-World Bank team led by Erik Feyen, World Bank, and John Nelmes, IMF, visited Türkiye during January 31-March 7, 2022 on a virtual basis, and in person during May 10-16, 2022 and between June 20-July 5, 2022 to update the findings of the Financial Sector Assessment Program (FSAP) which took place in 2016. This report summarizes the main findings of the mission, identifies key financial sector vulnerabilities and development issues, and provides policy recommendations.  \nPREFACE  \nThis Financial Sector Assessment (FSA) report offers an update to the findings of the Financial Sector Assessment Program (FSAP) which took place in 2016. The report summarizes the main findings of the update, identifies key financial sector vulnerabilities and development issues, and provides policy recommendations. The work comprised an evaluation of: selected issues related to supervision and regulation of banks; capital market development and long-term finance; financial inclusion and the role of fintech; the role of the State in the financial sector; the crisis management, bank resolution, and the safety net framework; management and resolution of non-performing loans; climate risks and opportunities; crypto-assets and cyber risks; progress made on financial market infrastructures (PFMI) and Insurance Core Principles (ICP) assessments since the previous FSAP; the systemic risk oversight and macroprudential framework; systemic risk and resilience; systemic liquidity management; and selected AML/CFT issues.  \nThe FSAP team was led by Erik Feyen (World Bank (WB)) and John Nelmes (IMF), and included deputy mission chiefs Johanna Jaeger (WB) and Katharine Seal (IMF); Fernando Dancausa, Harish Natarajan, Heinz Rudolph, Ines Fila, Jing Zhao, Jose Antonio Gragnani, Martijn Regelink, Matei Dohotaru, Pamela Lintner, Tetsutaro Shindo (all WB) and Joaquin Gutierrez (WB external expert); and Vincenzo Guzzo, Caterina Lepore, Dulani Seneviratne, Piyabha Kongsamut, Ana Carvalho, Joelle El Gemayel, Rangachary Ravikumar, Natsuki Tsuda, and Francisca Fernando (all IMF) and Peter Lohmus (IMF external expert). The World Bank team thanks Erdem Atas and Etkin Ozen (both WB) for valuable contributions.  \nThe FSAP team met with officials from regulatory and government agencies, including the Central Bank of the Republic of Türkiye (CBRT), the Banking Regulation and Supervision Agency (BRSA), the Ministry of Treasury and Finance (MOTF), the Capital Markets Board (CMB), the Savings Deposit Insurance Fund (SDIF), the Insurance and Private Pension Regulation and Supervision Authority (IPRSA) and other public sector institutions, financial institutions, industry organizations, and the private sector.  \nThe FSAP’s cut-off date is end-June 2022 except for the stress tests which have a cut-off date of end-2021.  \nCONTENTS  \nEXECUTIVE SUMMARY_________________________________________________________________________ 7  \nMACROFINANCIAL SETTING _________________________________________________________________ 14  \nA. Recent Macrofinancial and Policy Developments_____________________________________________ 14  \nB. Financial System Structure and Performance_________________________________________________ 17  \nC. Development Challenges ____________________________________________________________________ 19  \nD. Role of the State_____________________________________________________________________________ 21  \nRESILIENCE AND VULNERABILITY ASSESSMENT ____________________________________________ 23  \nA. Stress Tests and Network Analysis ___________________________________________________________ 23  \nB. Climate Risk__________________________________________________________________________________ 24  \nC. Cryp","cbCaitQNzagyd6iw","https://ap.wps.com/l/cbCaitQNzagyd6iw","pdf",2025582,6,1,68,"English","en",105,"# Executive Summary\n# Macrofinancial Setting\n## Recent Macrofinancial and Policy Developments\n## Financial System Structure and Performance\n## Development Challenges\n## Role of the State\n# Resilience and Vulnerability Assessment\n## Stress Tests and Network Analysis\n## Climate Risk\n## Crypto Assets\n# Financial Sector Oversight\n## Financial Sector Regulation and Supervision\n## Financial Market Infrastructure\n## Financial Integrity\n# Crisis Management, Safety Nets and Resolution of Non-Performing Loans\n## Crisis Management and Resolution\n## Resolution of Non-Performing Loans\n# Financial Sector Development\n## Capital Markets and Long-Term Finance\n## The State of Financial Inclusion\n## The Role of Fintech\n## Green and Sustainable Finance","[{\"question\":\"What is the purpose of this Financial Sector Assessment report for Türkiye?\",\"answer\":\"It updates the findings of the 2016 Financial Sector Assessment Program by summarizing the mission’s main results, identifying vulnerabilities and development issues, and providing policy recommendations.\"},{\"question\":\"Which areas does the assessment evaluate in the financial sector?\",\"answer\":\"It evaluates supervision and regulation of banks, capital market development and long-term finance, financial inclusion and fintech, the State’s role, crisis management and resolution (including NPLs), climate risks, crypto-assets and cyber risks, and progress on PFMI and Insurance Core Principles assessments, along with systemic risk oversight, resilience, and systemic liquidity management, plus selected AML/CFT issues.\"},{\"question\":\"Who conducted the Türkiye FSAP update and with whom did the team meet?\",\"answer\":\"The mission was led by Erik Feyen (World Bank) and John Nelmes (IMF), with deputy chiefs Johanna Jaeger and Katharine Seal. The team met officials from regulators and government agencies including the Central Bank of the Republic of Türkiye, BRSA, the Ministry of Treasury and Finance, CMB, SDIF, IPRSA, and other public and private sector institutions.\"}]",1784473135,171,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":28},"turkiye-financial-sector-assessment-fsap-update-2016","",{"@graph":36,"@context":86},[37,54,69],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":43,"position":53},"https://docshare.wps.com/document/turkiye-financial-sector-assessment-fsap-update-2016/108675/",4,{"url":52,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":41,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-29","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What is the purpose of this Financial Sector Assessment report for Türkiye?","Question",{"text":76,"@type":77},"It updates the findings of the 2016 Financial Sector Assessment Program by summarizing the mission’s main results, identifying vulnerabilities and development issues, and providing policy recommendations.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Which areas does the assessment evaluate in the financial sector?",{"text":81,"@type":77},"It evaluates supervision and regulation of banks, capital market development and long-term finance, financial inclusion and fintech, the State’s role, crisis management and resolution (including NPLs), climate risks, crypto-assets and cyber risks, and progress on PFMI and Insurance Core Principles assessments, along with systemic risk oversight, resilience, and systemic liquidity management, plus selected AML/CFT issues.",{"name":83,"@type":74,"acceptedAnswer":84},"Who conducted the Türkiye FSAP update and with whom did the team meet?",{"text":85,"@type":77},"The mission was led by Erik Feyen (World Bank) and John Nelmes (IMF), with deputy chiefs Johanna Jaeger and Katharine Seal. 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