Treasury and Finance Ministry announces support measures for real sector credits
- DAILY SABAH, ISTANBUL
- Aug 17, 2018
Turkey's Treasury and Finance Ministry announced a number of measures Friday to support the real sector and its loans, saying that credit channels will be kept open, and elasticity in dues and pricing will be maintained to keep the cash flow open for firms.
In a statement, the ministry said that additional security deposits will not be required from firms with credits whose security deposits are not enough to cover the risk amount due to fluctuating currency rates.
"The limit excess in credits due to the increase in currency rates will not be taken into account and there won't be credit termination requests," it added.
"Delayed credit, bounced checks or protested bills will be reported to the Risk Center and be considered as force majeure events, but this will not pose an obstacle to getting credit."
The measures come after U.S. President Donald Trump threatened Turkey with additional sanctions over the ongoing arrest of American pastor Andrew Brunson, who faces charges of terror links and espionage.
Trump previously doubled tariffs on Turkish steel and aluminum on Aug. 10, and later sanctioned the Turkish justice and interior ministers over their alleged role in the case.
Turkey responded in kind to the sanctions, increasing tariffs on U.S. alcohol, tobacco and automotive products on Wednesday, while also imposing the same sanctions to the U.S. interior and state secretaries.
On Thursday, in a conference call addressing almost 6,100 investors from Europe, the Middle East, the United States and other parts of the world, Treasury and Finance Minister Berat Albayrak underscored Turkey's intention to decrease inflation to single digits and maintain fiscal discipline while continuing to support markets and the real sector.
Trade Minister Ruhsar Pekcan also said Friday the attacks on Turkish financial markets have been thwarted with the measures taken by the government.