The Banking Association of Turkey is in talks with government lenders to help banks raise capital to boost lending, as President Recep Tayyip Erdogan pushes for a more relaxed monetary policy to stimulate growth and create growth. local media reported.
The Turkish banking industry is “strong and stable” in terms of capital adequacy and non-performing loan ratio, union leader Alpaslan Cakar said in an interview with a local TV channel.
According to Bloomberg, Cakar said lenders would “take responsibility in some way” to support Erdogan’s economic model, which is based on bank lending, which will eventually translate into investment and employment.
Banks need to “finance the new economic model,” Cakar said.
The total profits of Turkish banks in the period January-October increased to 66.1 billion Turkish lira ($ 4.8 billion) from 50 billion pounds in the same period a year earlier. The average non-performing loan ratio was 3.5% in October, up from 3.97% the previous year, while the average capital adequacy ratio was around 17%.
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Source From: Capital
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