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Banks See Lower Loan Renewal Rates Due to Ratings Downgrades, Volatile Economy

TURKEY
  • Dunya write that the textiles and clothing sector has begun to layoff workers, with falling export levels responsible for falling demand. The job losses are concentrated in Anatolia, according to the piece.
  • Elsewhere, banking experts cited in Dunya see bank’s syndicated loans being renewed at double-digit rates due to Turkish rating downgrades and current account deficit issues.
  • However, no major issues are foreseen with a renewal rate somewhere between 75 – 90%. The piece adds that the reasoning for the lower renewal rate is both lack of appetite to extend credit as well as lower demand for loan facilities.
  • No major data releases or political appearances due Wednesday.
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