Türkiye’de Millî Bankacılığin Doğuşunda Memleket Sandıklarının Yeri Ve Önemi
The Place and Importance of the Country Funds in the Birth of National Banking in Turkey

Summary/Abstract: Until the second half of the nineteenth century there was no government-established national banking and credit institution in Turkey to provide the credits of farmers and peasants. Farmers, who constitute a large majority of the Ottoman society, were in need of money changer and usurer to buy credits. These people were lending to farmers at high interest rates. The farmers were not able to pay the loans they received from the usurers. The debt of the farmers and the interest rate they have to pay increased day by day. Sometimes this rate has reached up to 900%. Niche Governor Mithat Pasha made the first serious attempt to find a solution for the situation of the Turkish peasant. The Country Funds were established in Şehirköy (Pirot) on November 20, 1863. In the Ottoman Empire, the foundations of national banking were laid. Over time, these organizations continued their activities for the same purpose under the names of Agricultural Funds and Benefit Funds. For the establishment of Agricultural Bank, the ground was formed. In this article examined the first developments in the world of banking and the emergence of national banking in Turkey.

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