Turkey's banking system recorded strong growth in 2004 but systematic weaknesses continue. The country's 48 banks are having to learn to cope with a low inflation environment, Driven by a red-hot economy, fuelled by a rise in consumer spending and a burst of growth in foreign trade, the total assets of Turkey's banks expanded 27.7% in 2004 to a record $228.3bn, corresponding to 77.5% of the gross national product (GNP), according to the annual report of the Banks' Association of Turkey.
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