Turkey is planning to start relocating units of its central bank and Treasury from Ankara to Istanbul as part of the central government's efforts to further boost the role of Istanbul in the country's economy.
According to a report by Reuters, the majority of the central bank's functions will be moved to Istanbul, already the the country's largest city and financial powerhouse, by the end of 2021.
The Istanbul Finance Centre, currently under construction, is expected to ultimately house the Turkish central bank, and is expected to be fully operational by 2022.
Last week the central bank, headed by newly-appointed Murat Uysal, issued a huge cut to the country's key interest rate, reducing it from 24% to 19.75%. The Turkish lira has had a volatile year, after losing almost 30% of its value against the dollar in 2018.