The Turkish banking system developed relatively late compared to Europe and began to emerge in the 19th century. Banking was conducted by minorities and foreign nationals in the country. Since the bankers were active in the Galata district of Istanbul, they were briefly called Galata Bankers since the beginning of the 1850s.

The banking industry provided significant support to the Turkish economy, which closed 2021 with a high growth rate of 11 percent, in this recovery. Macro-prudential measures were taken in order to reduce the negative impact of inflation and the current account deficit.