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Turkey to extend new $4.3 billion loan package to companies

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Christian Fernsby |
Turkish bank
Asia   Twelve Turkish banks will offer companies a total of 25 billion lira

Twelve Turkish banks will offer companies a total of 25 billion lira ($4.31 billion) as part of a Treasury-backed loan package, state broadcaster TRT Haber said.

Each company would be able to use between 5 and 50 million lira depending on its revenue, it said, adding that 36-month loans will have an interest rate of CPI+4 and 48-month loans will have a rate of CPI+4.5.

The package would mark the latest step that Ankara has taken to spur lending to liven up the economy, after a currency crisis saw the lira lose nearly 30% of its value last year, driving the economy into recession.

The crisis raised the cost of servicing foreign debt for companies who had for years been flourishing on cheap credit, leading to a build up of bad loans in banks.


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