Azerbaijan, Baku, Jan. 21 / Trend A. Taghiyeva /
Turkish bank İs Bankası intends to start Eurobond issue in lira, Zaman newspaper reported today with reference to Deputy Director General of the Bank Erdal Ali Aral.
He said that İs Bankası decided to place bonds in lira because of increasing demand for Turkish currency on the world financial markets. Many Turkish banks will be ready to issue "eurolira".
Aral also stressed that the bank will start placing Eurobonds in lira on the global market for the coming months.
Eurobonds are bearer securities, which will be deposited in the depositories under the trading systems. The developing countries mainly place them on the markets. The maintenance is not reserved by Eurobonds. This makes it convenient to issue them by issuers.
Turkey has recently sharply increased the volume of foreign trade transactions in lira. Turkey's export in liras has increased by 10 times for the last 10 years. The country's import in liras rose by 43 times. Turkey is conducting trade transactions with 188 world countries in lira.
Turkey plans to create a Turkish lira-zone as an alternative to the Eurozone, Turkish Prime Minister Recep Tayyip Erdogan said in November 2012.
Turkey intends to invite the leading countries in the region and the world to participate in the zone to implement this project.
Founded in 1924, Is Bankasi is the largest private bank in Turkey in terms of assets. It has made a significant contribution to the development of the Turkish economy for the many years of its existence. The bank has 1,194 branches in Turkey with 24,788 employees. The bank also has 12 branches in Germany, one branch in France, Holland, Switzerland and Bulgaria.
İs Bankası's profit increased by 103 per cent to 684 million lira in the third quarter 2012 compared to the same period of 2011.
