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[size=36]Turkey offers new loan package worth $ 4.3 billion[/size]
Economy | 06:27 - 12/06/2019
BAGHDAD (Reuters) -
Twelve Turkish banks will offer loans worth 25 billion liras ($ 4.31 billion) under a treasury-backed lending package, the latest of which will be Ankara's latest effort to boost the economy, the Union of Banks in Turkey said on Wednesday.
The package aims to encourage lending after the currency crisis, which lost about 30 percent of the Turkish lira last year and pushed the economy into recession.
The Union of Banks said all loans would be six months grace period and the interest rate would be reviewed every six months according to the consumer price index. About 80 percent of the loans, or 20 billion pounds, will be supported by the government's credit guarantee fund, he said.
No comment has yet been received from the Turkish treasury.
The Lira crisis raised the cost of serving the external debt of companies that had flourished for years on the basis of cheap credit, which led to the accumulation of bad debts at banks.
Finance Minister Bert Albert has announced a $ 4.9 billion package in the past two months, one of which supports state banks and the other aims to help save some export sectors.
Twelve Turkish banks will offer loans worth 25 billion liras ($ 4.31 billion) under a treasury-backed lending package, the latest of which will be Ankara's latest effort to boost the economy, the Union of Banks in Turkey said on Wednesday.
The package aims to encourage lending after the currency crisis, which lost about 30 percent of the Turkish lira last year and pushed the economy into recession.
The Union of Banks said all loans would be six months grace period and the interest rate would be reviewed every six months according to the consumer price index. About 80 percent of the loans, or 20 billion pounds, will be supported by the government's credit guarantee fund, he said.
No comment has yet been received from the Turkish treasury.
The Lira crisis raised the cost of serving the external debt of companies that had flourished for years on the basis of cheap credit, which led to the accumulation of bad debts at banks.
Finance Minister Bert Albert has announced a $ 4.9 billion package in the past two months, one of which supports state banks and the other aims to help save some export sectors.
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