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Turkish banks will support new low-rates economic model, association head says -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: A brand of Turkey’s Central Financial institution is pictured on the entrance of its headquarters in Ankara, Turkey October 15, 2021. REUTERS/Cagla Gurdogan/File Picture

ISTANBUL (Reuters) – Turkish banks will assist a “new financial mannequin” primarily based on low rates of interest championed by President Tayyip Erdogan, Turkish Banks Affiliation Chairman Alpaslan Cakar mentioned, including efforts for banks to hold out capital injections to assist credit score development had been underway.

Underneath stress from Erdogan, the central financial institution has slashed charges to fifteen% from 19% since September, whereas Erdogan has mentioned Turkey will prioritise development, employment and investments. The lira has plunged to file lows in opposition to the greenback in response, shedding round 45% of its worth this 12 months.

Talking at an interview with broadcaster A Para, Cakar mentioned the lira would get again to “the extent it deserves”, including banks had nice potential to spice up loans and that he hoped private and non-private banks could be aligned in pricing. He mentioned efforts had been underway to spice up capital.

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