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Treasury says to Continue Measures to Strengthen Stability

TURKEY
  • Turkey's Treasury states that moves from the Turkish Banking Regulator on Friday last week are inline with a more selective loan approach and will continue measures to strengthen stability in the near-term.
  • Friday’s move to ban banks from extending TRY loans to firms seen as “flush” with foreign exchange has been one of the regulators’ most effective moves so far – in a campaign that’s also included the curbing of loan growth, limits on credit card use and raising the cost of borrowing TRY by offshore firms.
  • Dunya write that a number of businesses have argued that the restrictions on TRY loans will provide a heavy brake for the economy, and could have negative impacts on exports. The paper list 195 companies that have excess FX deposits above the TRY15mln limit, which will be directly impacted by the policy move. These FX reserves amount to $3.6bln.

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