The Central Bank of Turkey (CBRT) on March 31 introduced new measures to limit the economic fallout from the novel coronavirus pandemic.
The steps aimed to back monetary transmission mechanisms, banks' flexibility in liquidity management, uninterrupted credit flows to the corporate sector, and firms exporting goods and services.
Turkey's banking sector recorded 15.1 billion Turkish liras ($2.4 billion) net profits as of end-February, the country's banking watchdog said on March 30.
Total assets of the sector jumped 20 percent year-on-year to 4.7 trillion Turkish liras ($759.7 billion), the Banking Regulation and Supervision Agency (BRSA) report revealed.
The purpose of having insurance for business is to help cover the costs in the event of a claim associated with damages to property and liability claims from individuals. Without business insurance or with inadequate business insurance, paying out-of-pocket for costly damages, legal claims and expenses could be potentially devastating on a business and personal level.
Leading Italian economist Luigi Buttiglione recently spoke to Kathimerini about the public health crisis and the corresponding financial and economic crises. Following his tenure as senior economist at the Research Department of Banca d'Italia (1989-2000), he has achieved an impressive career in the global financial sector.