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The ghost institution manages Turkish treasury

Turkish Undersecretariat of Treasury turned out to be a ghost institution when they haven’t able to find a well-qualified bureaucrat to manage 800 billion lira of state’s internal and external debt. Undersecretariat of Treasury that hasn’t able to assign a bureaucrat since two years is being managed by six proxy bureaucrats.

A proxy also managed the Undersecretariat of Treasury office, where the seven general directorates tie to, for the past two years. Osman Celik was assigned a last August to the seat of undersecretariat, which has been managed by proxy for two years since 2014, after Undersecretary of Treasury, İbrahim Halil Çanakçı, was sent to the IMF.

Undersecretariat of Treasury is the only institution in where they have the only say in almost every aspect of Turkish economy and is supposed to led by seven general directorates but the only appointment was made to the seat of the General Directorate of Economic Researches, according to Sözcü daily.

They determine the interest to be paid

The most critical institution managed by a proxy bureaucrat in Treasury is the General Directorate of Public Finance which is responsible of carrying out treasury transaction, meeting cash for public expenditures, making budget payments, and foreign payments. This institution manages domestic and foreign debts exceeding 800 billion liras, determines methods to be applied for internal and external borrowing, decides the amount of borrowing and even the interest to be paid for borrowing. They also reserve state’s money, gold, other precious metals and assets.

Öznur Kaya

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