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FinancialNews


  • 09-06-20

    Turkish Central Bank to support import-cutting investments

    (MENAFN)

    Turkey will continue to support investments that will lessen imports and increase exports, said Berat Albayrak, the country's treasury, and finance minister, on Monday, June 8th.

    Quoting a recent statement that the Turkish Central Bank would begin reallocating its Turkish Lira rediscount credits for firms, Albayrak said a total of 400 million Turkish liras (59 million U.S. dollars) would be provided to companies with a maximum maturity of 10 years.

    By the end of March 2020, the bank said that Turkish lira rediscount credits of up to 60 billion Turkish liras (8.9 billion U.S. dollars) would be stretched to exporting and FX-earning services to contain the adverse effects of the international ambiguity caused by the novel COVID-19 pandemic.

    In a statement on Friday, June 5th, the Central Bank stated that the country's banking system had so far effectively met the credit needs for working capital.

    MENAFN0906202000450000ID1100293986

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