Letter

Knowing the importance Your Excellency attaches to the employment of Turkish Muslim agents our Bank, we have the honor to inform Your Excellency that the Bank, anticipating the terms foreseen by the Agreement signed on March 10 and presently submitted to the Grand National Assembly of Turkey for ratification, has been able to raise its proportion of Turkish Muslim agents to % 36.Although most of our Turkish employees still have a short service term (3 years on average), the proportion of salaries to the Turkish staff constitutes % 19 of all salaries, with the exception of those of the General Manager and Deputy General Manager. In view of these results and following new studies we have conducted, we are now in a position to assure you that the proportion of our Turkish Muslim agents will be raised, after the 5th year, to a minimum of % 60 instead of the % 50 foreseen in Article 11 of the Agreement of 10 March, and that the proportion of their salaries will reach a minimum of % 40 instead of the % 30 foreseen in the same article. We hope that our present communication, which we have the honor to submit with the approval of the Bank Committees, will convince you of the sincerity of our efforts to give an increasingly large place to Turkish Muslim elements in our staff.