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Turkey to Inject $5.5b Into State Banks

TURKEY
  • Turkey is planning to inject significantly more capital into state banks than originally expected in a bid to encourage lending ahead of elections in May. It’s the latest attempt by President Erdogan to fire up economic growth with less than two months left before the May 14 vote. The expected capital boost is 74% bigger than originally planned (BBG).
  • Turkey’s sovereign wealth fund will boost the capital of TC Ziraat Bankasi AS by TRY40bln ($2.1bln), while adding TRY30bln liras each to Turkiye Vakiflar Bankasi TAO and Turkiye Halk Bankasi AS, according to an official with direct knowledge of the matter.

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