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Commercial banks have been ordered to refuse to facilitate FX purchases worth more than $5mn for their clients.
Loan campaigns:
- In Construction the Erdogan Regime Trusts:
Mortgage loans will be provided to those who convert their forex savings to lira or sell their gold to the central bank to use in purchases of homes worth up to TRY2mn ($131,000) at a monthly 0.89% rate with a maturity up to 10 years.
Loans of up to TRY2mn with a monthly rate of 0.99% and a maturity of 10 years will be made available to first-time home owners.
Loans with 36-month maturities will, meanwhile, be provided to construction companies to complete certain projects.
- The central bank is to extend Turkish lira (TRY) 100bn ($6bn) in loans to export-oriented investments at costs of between 9% and 14%.
- Erdogan announced a new TRY150bn loan package that is to be extended for tourism and export-oriented investments at a 9% cost.
15 TURKEY Country Report June 2022 www.intellinews.com
