What is the statutory role of the Banking Regulation and Supervision Agency (BDDK) in the Turkish financial system?
Answer and explanation
Correct answer: A. Supervising, auditing, and regulating commercial and participation banks
- Step 1: Established under Banking Law No. 4389 in 1999, the BDDK is the independent regulatory body for banking.
- Step 2: Its mandate is to safeguard depositors' rights, maintain financial market stability, and regulate the operations of deposit banks, participation banks, and leasing/factoring firms.
Answer
Supervising, auditing, and regulating commercial and participation banks.
Why not the others: Trade Ministry handles trade; municipalities handle property tax; EPDK/TEİAŞ handles electricity.
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