The Republic of Turkey is the Country Coordinator for the Working Group on Cooperation in Banking & Finance for the term 1 July 2018 - 30 June 2020.
Mr. Kanan MURTUZOV- Executive Manager in PERMIS in charge of the Working Group.
ENSURING STABILITY AND SOUNDNESS OF THE BANKING AND FINANCE SECTORS IN THE BLACK SEA REGION
The mission of the Working Group on Banking and Finance, established in 1992, is to promote closer and more beneficial cooperation among the Member States in the field of banking and finance, planning joint actions for the cooperation in this field and developing a strategy of securing financial resources for the BSEC projects and programs.
The key priorities of the Working Group, as defined by the “BSEC Economic Agenda Towards and Enhanced BSEC Partnership” are as follows:
1. Making good use by the BSEC Member States, individually as well as on a collective basis, of the existing framework of the BSTDB and other International Financial Institutions active in the BSEC Region.
2. Expanding, where possible, dialogue on issues related to banking and financial sector regulations, supervision and exchange of information among the BSEC Member States.
3. Exploring opportunities for regional cooperation and coordination in combating crime in banking and financial services.
4. Seeking cooperation and support from national institutes and other relevant international bodies in order to provide training of personnel on good practices and evolving standards in the field of banking and finance, through thematic workshops and seminars.
A) PROJECTS/INITIATIVES RELATED TO BANKING AND FINANCE
The Working Group contributed to the establishment of the Black Sea Trade and Development Bank (BSTDB). This issue has been negotiated within Working Group on Banking and Finance and the Agreement establishing the BSTDB was done in Tbilisi on 30 June 1994. Agreement provides that the purpose of the Bank to effectively contribute to the transition process of the Member States towards economic prosperity, to finance and promote regional projects and provide other banking services to projects of the public and private sectors in the Member States and trade activities among them.
B) KEY DOCUMENTS
• TERMS OF REFERENCE OF THE BSEC WORKING GROUP ON BANKING AND FINANCE
• ACTION PLAN OF THE BSEC WORKING GROUP ON BANKING AND FINANCE (1 July 2013 – 30 June 2015)
C) INTERNATIONAL COOPERATION
• The Joint BSEC-World Bank Workshop on the Global Financial Crisis was held on 8 October 2009, at the PERMIS Headquarters. The aim of the Workshop was to review the current situation of the effects of the global financial crisis on the BSEC Members States and to listen to evaluations and visions of policy makers and central banks high executives on action to be taken on national level, with a view to identifying possible regional cooperation support measures in the framework of the Organization. The conclusions and recommendations of the said Workshop are recommended to be examined by the Member States and the BSTDB with a view to elaborate, if appropriate, concrete proposals.
• The Seminar on Tobacco Taxation and Administration, organized by the Secretariat of the World Health Organization, BSEC PERMIS, Ministry of Finance of the Republic of Turkey and Hacettepe University in Ankara, took place on 24-25 June 2013, in Ankara. The Seminar focused mainly at international cooperation on global and regional level to reduce healthcare and social costs of tobacco use, designing new tax policies and administration systems and on consideration of the suppression of the smuggling of tobacco products as a way to promote public health and increase revenues as well as minimize other harmful economic and social effects of tobacco production and consumption. During the Meeting the issue of signing of MoU between BSEC and WHO was discussed with WHO representatives.