June 20, 2020 / 8:04 AM / a month ago

Turkey central bank frees up more lending with reserves tweak

ISTANBUL, June 20 (Reuters) - Turkey’s central bank suspended until year end a requirement that banks with a real annual loan growth rate above 15% must keep their adjusted rate below 15%, so they can keep credit flowing as the economy reopens from a coronavirus lockdown.

The revision would allow lenders to take advantage of separate regulatory incentives for them to meeting the borrowing needs of firms and individuals, which have risen and will likely stay high, the bank said on Saturday.

The revision is effective as of a June 12 calculation date, with the maintenance period starting June 26 and running through year end.

Reporting by Jonathan Spicer; editing by Jason Neely

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