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Industry Suffering From Lack of Working Capital

TURKEY
  • Industry continues to flag the difficulties with working capital in Turkey, with the President of the Gesifed business group stating that inflation has exacerbated the need for working capital, however even with very high financing costs, banks have almost entirely turned off the credit taps.
  • According to Consumer Union Federation data, nearly a third of all Turks using credit cards are failing to service their payments, with more than half of all those surveyed taking out cash advances to pay down debt.
  • Dunya write that doubling of foreign currency borrowing costs and the still-high rate of CDS means that Autumn will be ‘tough’ for the Turkish economy, particularly with corporates being unable to rollover or renew foreign borrowing.
  • Later today, Turkish President Erdogan is due to speak at a drilling ship inauguration in Mersin.
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