Bonds Representing the Annuities in Arrear of the Ottoman Debt

Certificate of 1 Bond of 1000 francs issued in Paris in 1929.

C Series 1928

Lacking income (mainly from agriculture), the Ottoman Empire had to call on foreign capital, particularly French and English from 1854 (loan 1854 6%), then German from 1880, which put it in a strong dependence financial. The Ottoman Imperial Bank, the country's central bank with offices in Paris and London, was founded in 1863 to offer guarantees to investors. Following the default of payment of its debt in 1875, the debt was restructured.