Turkey to boost capital at ailing banks in reform package - Albayrak

Turkey to boost capital at ailing banks in reform package - Albayrak
  • Clock-gray 13:41
  • calendar-gray 10 April 2019

Turkish Finance Minister Berat Albayrak said on Wednesday the government would boost banks’ capital and valuable exports, and adjust taxes as part of a reform plan meant to revive economy, ONAreports citing Reuters.

Albayrak, unveiling the long-awaited reform package to both Turks saddled with rising unemployment and jittery international investors, said the new measures applied to 2019 only.

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, he said. Dividend and bonus payments would be limited during an economic rebalancing period, he added.

Albayrak said government loans would prioritize strategic sectors, exports and value-added and local production. He added the government planned to integrate the country’s severance pay fund with its private retirement insurance fund.

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