Reuters reports the latest comments from the Turkish Finance Minister Berat Albayrak, as he unveils the long-awaited reform package to rescue the ailing banking sector.
Key Headlines (via Reuters):
“The government would boost banks’ capital and valuable exports, and adjust taxes as part of a reform plan meant to revive an economy plagued by high inflation and a fragile currency.
The government would deliver debt securities worth 28 billion lira ($4.92 billion) to capitalize state banks and would also raise capital levels at private banks.
Dividend and bonus payments would be limited during an economic rebalancing period.
Government loans would prioritize strategic sectors, exports and value-added and local production.”
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