Middle East

Turkey's state banks lower loan rates by up to 200 basis points

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Bussiness and financial district of Levent, which comprises banks' headquarters and popular shopping malls, is pictured in Istanbul, Turkey July 9, 2019. REUTERS/Murad Sezer

ISTANBUL, Oct 25 (Reuters) - Turkey's state lenders Ziraat Bank, Vakifbank and Halkbank have lowered their loan rates by up to 200 basis points according to the products and maturities, they said in a joint statement on Monday, following last week's central bank policy easing.

"As they have done until now, our banks will continue to stand beside our customers and companies, contributing to the strengthening of our country's economy and employment," said Ziraat Bank, Halkbank (HALKB.IS) and Vakif Bank (VAKBN.IS).

The banks said housing loan interest rates will be set at a monthly 1.29% for loans below 1 million lira ($104,000) and 1.34% for loans above 1 million lira from Oct 26.

The statement confirms a Reuters report on Sunday, citing people with knowledge of the matter, that state banks were expected on Monday to cut borrowing costs on loans by some 200 basis points. read more

($1 = 9.5998 liras)

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Reporting by Ebru Tuncay and Nevzat Devranoglu; Writing by Daren Butler; Editing by Jonathan Spicer

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