World Bulletin / News Desk
The fund is being increased from 2 billion liras ($555 million) in a bid to boost domestic spending and stimulate the economy.
Speaking at a meeting of company heads in Istanbul, Simsek said the bill was expected to pass through parliament on Friday night and would cover non-performing loans at up to 7 percent of all loans -- an increase from the current 3 percent.
“This is a really serious boost to the real sector,” Simsek said, referring to both the agricultural and industrial sectors.
He added: “The bill, which will go through today, will have the impact of providing collateral of up to 250 billion liras [$69.40 billion]. This is a very serious figure.”
However, he said cheap credit could only be provided in the long term if savings increased.
“The thing we should do is clear the way for the real sector by implementing structural reforms,” he said.
Number of properties sold to foreigners soars by 11.4 percent y-o-y in the month, TurkStat reveals
BIST 100 index decreases 0.43 pct while US dollar/Turkish lira rate rose to 3.50
BIST 100 index rises 0.44 pct while US dollar/Turkish lira rate falls to 3.49
The day before, the dollar had rallied against both main rivals and the Dow reached a fresh record high after the US central bank kept alive the chance of a December increase in American borrowing costs.
Monthly index sees decline of 3.4 pct, according to Turkish Statistical Institute
BIST 100 index decreases 0.31 pct while US dollar/Turkish lira rate rose to 3.51
Frankfurt equities sagged despite a rally for shares in German heavy industry giant ThyssenKrupp, which announced a deal with Indian group Tata to merge their steel operations in Europe.
BIST 100 index drops 0.02 pct while US dollar/Turkish lira rate stands over 3.48
The move was seen as a bid to weather US-imposed sanctions on the embattled country.
Regulators decided in May to fine Banco Popolare di Vicenza a total of 11.2 million euros ($13.4 million), the ECB said in a press release.
BIST 100 index rises slightly 0.09 pct while US dollar/Turkish lira rate falls to 3.43
BIST 100 index rises 0.10 pct while US dollar/Turkish lira rate stands around 3.46