Turkish borrowers have been enjoying improved conditions this year, as economic growth moves the country beyond the effects of the deep recession and currency crisis that struck in 2000 and prepares it for EU entry, reports Michael Marray.

Turkey’s economic health is improving faster than many expected and the positive outlook is spreading to the ratings agencies. Nick Kochan reports from Istanbul on the factors that have stimulated this accelerated progress.

Turkey is cautiously optimistic that it will soon accede to full membership of the EU. The government has made it an absolute priority and its hopes for much-needed foreign investment are riding on it.

Süreyya Serdengeçti, the governor of Turkey’s central bank, talks to The Banker about the country’s bank reforms and his aspirations for the financial sector.

Asset-backed securities from the Iberian Peninsula have proved popular with European investors. A recent transaction, the first to be backed by auto leases and loans, and to combine a securitisation framework from Portugal and Spain, indicates that the market is still developing.

Several other members of the six Gulf Co-operation Council (GCC) economies have traditionally had dollar pegs. And since the December 2001 Oman GCC summit decided to move the regional grouping towards a single currency by 2010, all Bahrain’s partners have moved to a dollar peg.

As well as regulation,the Bahrain Monetary Authority is responsible for setting and overseeing monetary policy objectives, to protect the Bahraini dinar’s value and maintain general economic stability, as well as that of financial markets.

Bahrain is making efforts on many fronts to strengthen its status as a financial services hub. The Banker reports on current projects and developments.

Banco Cuscatlan

Credit Andorra