Money

Survey forecasts no change in interest rates

Turkey's Central Bank is expected to keep interest rates unchanged next week, according to an Anadolu Agency survey on Aug. 14. 

The eighth monetary policy committee (MPC) meeting of this year will be held on Thursday (Aug. 20) to announce the bank's decision on interest rates.

A majority of 22 economists surveyed by Anadolu Agency forecast no change in interest rates.

New plan to pay back debts

The government will submit to Parliament in September a new payment schedule for debts to the state incurred during the coronavirus pandemic.

These new debts will be paid either in 12 interest-free installments in 2021 or 24 low-interest installments. The amount of unpaid taxes and previous debt settlements that froze during the period from March to May exceeds €2 billion.

Piraeus Bank ATMs torched in Pefki

Unknown assailants set fire to two ATMs at the Piraeus Bank branch in Pefki, northern Athens, early on Tuesday morning.
The arson attack caused damage to the two cash machines located outside the bank branch at 43 Irini Avenue.
Police are conducting an investigation to locate the perpetrators.

Piraeus applies to Hercules asset protection scheme

Piraeus Bank has applied to the Hercules asset protection scheme that aims to reduce banks' exposure to nonperforming loans through their securitization.

The application concerns the securitization of Phoenix, a €1.9 billion portfolio of housing loans.

Piraeus' application leaves National Bank as the last of the "big four" Greek retail banks that has not applied to the scheme.

Banks grant loans of 4 billion lei under IMM Invest programme

As of June 15, banks had granted loans to the amount of 4 billion lei under the IMM Invest programme, and this week the one billion euro equivalent mark will be passed, Cristian Paun, chairman of the Board of Directors of the National Credit Guarantee Fund for Small and Medium-Sized Enterprises SA - IFN (FNGCIMM SA - IFN), said on Wednesday.

World Bank extends loans of 250 mln euros for Turkish exporters

The World Bank's Board of Executive Directors has approved a partial credit guarantee in the amount of 250 million euros (around $273 million) to the Export Credit Bank of Turkey (Türk Eximbank) as part of the Turkey Long-Term Export Finance Guarantee Project, according to a statement.

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