BIS -Turkey borrowed heavily before latest crisis

- Central Banking staff
- 05 Mar 2001

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Turkish public and private borrowers drew large sums from foreign banks late in 2000 even as problems were starting to show up in the country's financial system, the Bank for International Settlements (BIS) said.

"Despite the emergence of strains in Turkey's banking system, Turkish banks were still able to arrange a number of syndicated loans in the fourth quarter," the BIS said in its latest quarterly report on global bank and market activity. In 2000, Turkey's announced credit facilities rose

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