"Turkey: A Guide To Doing Business In Turkiye: ‘Removing Obstacles to Growth & Creating Jobs’ Part II
30 November 2005
Article by Hakan Hanli
II. TURKISH ECONOMY:‘FINANCIAL AND BUDGETARY PROVISONS’
1. General Overview
The Turkish economy has undergone significant changes in the last 20 years. It has moved from a highly protected state-directed system to a market-orientated free-enterprise economy. Reforms initiated since 1980 have, among other things, largely removed price controls and reduced subsidies, reduced the role of the public sector in the economy, emphasized growth in the industrial and service sectors, liberalized foreign trade, reduced tariffs, promoted export growth, eased capital transfer and exchange controls, encouraged foreign investment, strengthened the independence of the Republic of Turkiye Central Bank (‘TCMB’), led to full convertibility of the Turkish Lira by accepting Article-VIII of the IMF’s Articles of Agreement and overhauled the tax system."
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