Turkey is planning a loan stimulus for businesses to further boost its overall economic growth, ahead of its elections next year, as per sources. The source said that the government disclosed plans to extend loans under the ‘Credit Guarantee Fund’ at a meeting held by the Treasury and the Finance Minister. However, the size of the stimulus was not revealed. Turkey’s growth has outpaced most peers this year thanks to strong consumption and exports – its GDP rose by 7.6% in Q2. However, its inflation has been soaring and in August, hit a 24-year high of 80.2% for vs. July’s 79.6% print. The central bank has been cutting its policy rates despite this backdrop due to the pressure from the nation’s President Erdogan.
For the full story, click here