ANKARA/ISTANBUL Turkey took more unorthodox steps on Friday to protect its beleaguered lira, including scrapping a recently-hatched plan to tap the central bank's legal reserves to boost its budget and urging banks to encourage clients to convert foreign holdings.
ISTANBUL Turkey's plan to clean up some $13 billion in bad energy loans, one of the worst hangovers from last year's currency crisis, is taking shape even as some banks hold out for the government to agree to safeguards and higher electricity prices.
ISTANBUL, May 10 Turkish banks told foreign
investors they were in no rush to sell problem loans on their
books, and were focused on restructuring them, three people
present at a meeting discussing bad debt on Thursday in Istanbul
ISTANBUL, May 9 Goldman Sachs, Bain Capital and
the European Bank for Reconstruction and Development met on
Thursday with Turkish bankers and investors, three sources told
Reuters, as Turkey works to pare down its balance of problematic
ISTANBUL, April 29 Turkish bank Yapi Kredi hiked
rates on commercial loans on Monday by about 4 percentage
points, the clearest sign yet that higher costs from a tumbling
lira are reversing months of pressure from a government
regulator to keep a lid on borrowing costs.
ISTANBUL Goldman Sachs is in talks with Turkish banks and companies to buy large distressed loans following a wave of corporate restructurings in the country last year, two sources close to the matter told Reuters.
ISTANBUL, April 17 Turkey's Halkbank
will issue debt instruments and borrow in domestic and foreign
markets to strengthen its capital base, which was left thinner
after the lender provided low-interest loans in the wake of last
year's currency crisis.
ISTANBUL A Turkish court on Thursday acquitted HSBC Turkey chief executive Selim Kervanci of a charge of insulting President Tayyip Erdogan by retweeting a video on social media at the time of nationwide protests in 2013.
ISTANBUL, March 28 Turkey's Treasury-backed
Credit Guarantee Fund (KGF), designed to stimulate the economy
by guaranteeing loans to small- and medium-sized firms, will
halt new applications from Friday, according to banking sources
and a KGF email seen by Reuters.
ANKARA/ISTANBUL Turkey will keep directing its banks to withhold lira liquidity from a key foreign market at least until after local elections on Sunday, sources said, as the government intensifies efforts to defend the currency, which plunged last week.