Page 66 - TURKRptMay19

6.2.1 Local debt dynamics
Turkey’s Credit Guarantee Fund (KGF) will provide an additional loan facility worth of TRY3bn to the SMEs . The loan facility will be financed through a grant to be obtained from the European Investment Bank (EIB). KGF had a guarantee volume of TRY325bn and a loan volume of TRY370bn at end-March. It was heavily used to boost growth following the failed coup attempt in July 2016 but Reuters reported in March that KGF has informed local lenders to end guaranteed lending.
6.2.2 Private debt dynamics 6.2.3 Regional debt dynamics
7.0 FX
Turk Eximbank has mandated its headquarters to obtain loans to meet its Additional Tier 1 (AT1) capital requirements , the lender said on April 19 in a bourse filing.
Turkish Treasury has obtained a €150mn programme loan from the French Development Agency (AFD), the ministry of treasury and finance said on April 17. Turkey’s General Directorate of Forestry will use the loan facility for ongoing forest rehabilitation, erosion control, and afforestation activities. The Directorate has also obtained a €800,000 grant from the AFD and France National Forests Office (ONF).
Turkey FX
Jul 2018
Aug 2018
Sep 2018
Oct 2018
Nov 2018
Dec 2018
Jan 2019
Feb 2019
Mar 2019
Apr 2019
Currency (units per USD) (eop)
4.91
6.54
6.00
5.61
5.18
5.29
5.18
5.31
5.65
5.97
Lira weakest in six months. The TRY weakened around 2% against the dollar following the FT report on April 17, although some of its decline was attributable to a strengthening of the USD. At its weakest point in morning trading, the TRY sank to 5.8459, the worst rate seen since last October. Erdogan, while attacking the newspaper, insisted that the Turkish economy "is standing strong".
66 TURKEY Country Report May 2019 www.intellinews.com