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CBRT Take Further Steps to Rein In Credit Growth

  • The CBRT have taken further steps on the functionality of market mechanisms and credit channels, by reducing the monthly limits applied to TRY-denominated commercial loans (to 2.5%, from 3.0%) while supporting further exporters’ access to finance. Rates applying to cash withdrawals from credit cards, short-term loans and deposit accounts were also lifted.
  • Turkey is receive the South Korean foreign minister later this week, triggering talks on bilateral cooperation between the two countries. The ministers are set to discuss infrastructure, defense, power plants and earthquake reconstruction pledges made by South Korea earlier this year.
  • Capacity utilization nudged higher to 77.1% from 76.8% in July, while real sector manufacturing confidence fell on both a seasonally adjusted and non-seasonally adjusted basis.
  • Late yesterday, President Erdogan issued a warning to Turkish business, urging companies not to make “unfair gains” by taking advantage of inflation. He also stated his government are increasing efforts to rein in price manipulation in car markets. The comments follow a cabinet meeting that concluded yesterday.
  • Parliament is set to convene to discuss the opposition motion for an extraordinary meeting on the economy. Later today, Erdogan is to host the Palestinian Authority President. The Treasury is also set to sell USD and sukuk bonds domestically.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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