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New measures by ministry to overcome onslaught against Turkey’s economy

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New measures by ministry to overcome onslaught against Turkey’s economy
Berat Albayrak – Economy Minister, Turkey

 

A statement issued by Treasury & Finance Ministry said Turkey continued its policy initiated to break the effects of the economic onslaught started against Turkey and put the economy on a solid ground adding the administration stuck to its action plan put into effect to comfort banks and real sector, following the rise in the exchange rate.

The statement also said a number of additional measures were taken as of today regarding the bank loans of real sectorAccording to new measures announced by the Ministry, limit excess incurred by companies in bank loans due to increase in exchange rates will not be taken into consideration.

Based on said measures determined, banks will continue to keep credit channels open on the basis of mutual goodwill and by carefully evaluating the situation of each firm separately. They will provide flexibility in terms of maturity and pricing in order to ensure the sustainability of the company’s cash flows.

No additional collateral will be requested from the companies for the loans with limit excess due to increase in exchange rates. Credit payment delays, overdraft checks and protested bills due to economic conditions incurred after 8 Aug 2018 will be reported with the code “force majeure”. Thus such companies will not be facing a barrier of access to credit facilities.

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