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Authorities Act Further to Clamp Down on Loan Growth

TURKEY
  • In a further effort to clamp down on loan growth, Turkey have raised the tax levied on consumer loans, with the bank and insurance transaction tax rising to 10% from 5% previously, according to a government statement.
  • To help ease anti-immigration rhetoric pressuring President Erdogan, Turkey are to impose quotes on residence permits for foreigners from next month, with certain neighbourhoods seeing quotas at 20% of the current population. The rules come into effect from July 1st.
  • Finance Minister Nebati dismissed suggestions that Turkey’s public finances had deteriorated, according to Hurriyet, adding that Turkey are to maintain fiscal discipline while continuing to implement practices to provide support for low-income people.
  • On the timing surrounding the next Turkish incursion into Syria, Hurriyet write that the hours will be numbered for the operation after Eid al-Adha (which ends on July 13th), suggesting the plans for the operation are for very brief action in the region.
  • NATO’s Stoltenberg spoke over the weekend, stating that NATO is in close contact with Finland, Sweden and Turkey to address Turkey’s “legitimate concerns” about terrorism and move forward Sweden and Finland’s application process.
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