Turkish central bank steps up efforts to increase bank lending

The Central Bank of the Republic of Turkey

The Central Bank of Turkey (CBRT) will penalise commercial banks that do not sharply increase their lending rates, according to information it released on September 23.

The move appears to be a new government-influenced move at stimulating economic growth. Turkey’s economy suffered three consecutive quarters of negative GDP growth in 2018. GDP shrunk by an estimated 14.1% over the year, before registering modest growth of 1.3% in the first quarter of this year.

Data on the central bank’s

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