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New Report Estimates Total Cost of Earthquakes at TRY2trln

TURKEY
  • The slowdown in loan supply has increased in recent weeks due to the tightening of regulations and election uncertainty, Ekonomi report. Banking sources stated that when the limit of TRY70000, which is exempt from the regulations on consumer loans, has not been exceeded, the banking sector instead directs their customers to overdraft accounts.
  • A report submitted to parliament by the Turkish Presidency estimated the total cost of the February earthquakes at TRY2trln (approximately $39b), the Daily Milliyet report. Each ministry separately calculated the damages from the tremors and funds needed to repair those damages.
  • President Erdogan will attend the opening of the Istanbul Finance Center at 1200BST/1400 local time while the Treasury and Finance Ministry will publish budget balance data for March at 0900BST/1100 local.

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