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.
Flynas chairman Ayed al-Jeaid said at the signing ceremony in Riyadh that the deal includes an option for 40 more of the short to medium-haul planes in what airline executives said is a growing domestic market.
Central Bank skips repo auctions for third trading day to stem sharp decline in lira value against other currencies
Oxfam pointed to a link between the vast gap between rich and poor and growing discontent with mainstream politics around the world.
US dollar/Turkish lira exchange rate fell to stand at 3.7630
Chancellor Philip Hammond says if Britain is 'closed off' from EU markets, it will be forced to be 'something different'
Government plans to claw back lost VAT revenues splits opinion in austerity-hit country
"It would probably be right if the ECB starts daring to head for the exit this year," Schaeuble told the Sueddeutsche Zeitung newspaper -- although he acknowledged it would be a "difficult task".
There was muted reaction to end-of-the-year data from China showing the world's number-two economy was still struggling on the trade front, with uncertainty over Trump's upcoming presidency.
Education, infrastructure spending can help in current environment, observer says.
Erol Bilecik, head of Index Group, to lead Turkish Industrialists’ and Businessmen’s Association
Traders had hoped the real estate tycoon would flesh out some of his campaign promises such as tax cuts and infrastructure spending, but he gave very little away, fuelling uncertainty about his aspiration to boost the US economy.
Samsung Vice Chairman Lee Jae-yong summoned for questioning on corruption charges related to presidential office scandal
A total of 129,360 vehicles registered in November
Both main crude contracts sank almost four percent on Monday as traders fret over Iraq's commitment to stick to output cuts agreed amid much fanfare by OPEC and other key producers in November.