Turkish cenbank's cheap export loan scheme has reached maximum limit

Middle East
01-03-2023 | 10:44
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Turkish cenbank's cheap export loan scheme has reached maximum limit
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Turkish cenbank's cheap export loan scheme has reached maximum limit

Bank loans given out under a Turkish central bank scheme that supports exports and import substitution have reached the maximum limit of 100 billion lira ($5.30 billion), two sources said on Wednesday.

Two bankers said no loans under the Advance Loans Against Investment Commitment scheme had been given out this week and that the central bank would have to raise the limit for more such loans to be issued.
 
Under the scheme, loans bear an interest rate of 9% and a maturity of 10 years, with several years' grace period. While they make up only a small percentage of all loans in Turkey, they have quickly reached the upper limit because they are focused on exports and cheaper costs.

A source with knowledge of the matter said the limit of 100 billion lira had been reached. "Companies will not be given such loans at least for some time," a second source said.
 
Turkey's central bank declined to comment on the matter.
 

Turkey

Central Bank

Cheap

Export

Loan

Scheme

Reached

Maximum

Limit

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