September 25, 2018 / 9:57 AM / a year ago

Turkey is ready to support its banks, if needed - Anadolu

ISTANBUL, Sept 25 (Reuters) - Turkey is ready to provide required support to its banks should the need arise due to recent developments, Finance Minister Berat Albayrak was quoted as saying by state-run Anadolu news agency on Tuesday.

Turkey’s banks face a potential deluge of bad debt after the lira plunged 40 percent this year, driving up the cost for companies to service their foreign currency loans.

Addressing an audience of representatives from the business world, Albayrak also said that budget discipline and price stability would be the pillars of Turkey’s economic policies, according to Anadolu. (Reporting by Can Sezer; Writing by Ali Kucukgocmen; Editing by David Dolan)

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