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companies and SMEs in Turkey have also been in a debt restructuring spiral since 2016.
The Turkish retail industry as a whole is in the midst of debt restructurings, with many brands this year facing 40-60% turnover declines, Abdullah Kigili, owner of Turkish ready-wear retailer Kigili, told BloombergHT on November 4.
The official figures for the overall volume of debt restructurings are unavailable.
In December 2019, Bloomberg quoted unnamed bankers as saying that the government put pressure on senior private sector bankers to approve “ridiculous” debt restructuring demands made by pro-government businessmen.
These are official restructurings, high-stake restructurings are not included: Some 126 companies in Turkey have restructured Turkish lira (TRY) 17.6bn (€1.9bn) of debt owed to creditors over the past 11 months.
Turkey’s private airlines held a meeting on November 25 with Transport Minister Adil Karaismailoglu to request state help to restructure Turkish lira (TRY) 20bn ($2.5bn) of loans, sources “with knowledge of the matter told Bloomberg on November 26.
7.1.5 Banks news
7.2 Central Bank policy rate
Turkey’s government has seized TRY3.7bn of dividends paid by Isbank.
The end of another corridor adventure arrived within four months. Funding will be provided through the main policy rate, said the central bank on November 19 when it hiked its main policy rate to 15% from 10.25%.
As of October 30, the central bank’s open swap stock with local lenders
37 TURKEY Country Report December 2020 www.intellinews.com
