ANNOUNCEMENT 02 Nov 2019

On 2 November 2019, Turk Eximbank reduced the interest rates from 9.61% to 8.79%.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Anadolu Agency, State-Owned News Agency, (2.11.2019), İhracat Rakamları Açıklandı, Export Figures are announced. Available at: https://www.aa.com.tr/tr/ekonomi/ihracat-rakamlari-aciklandi/1633563

Website of the Turk Eximbank, the list of high-tech industrial products, Yüksek teknolojili sanayi ürünleri listesi. Available at: https://www.eximbank.gov.tr/content/files/46170322-c80d-4f6d-b1c2-c7de410dfb11/yuksek-teknolojili-sanayi-urunleri-listesi

Inception date: 02 Nov 2019 | Removal date: open ended
Still in force

Trade finance

On 2 November 2019, Turk Eximbank announced lowering the interest rates to 8.79% on loans for Small and Medium-Sized Enterprises (SMEs) and exporter companies which are producing high technology products. Previously the interest rates on Turkish Lira denominated loans were 9.61% (see related state act).

Within the last three months, Turk Eximbank made four interest rate cuts on loans for SMEs and hi-tech manufacturers (see related state acts). It should also be noted that since July 2019 the Central Bank of Turkey reduced its policy rate by 1,000 basis points (10%).

With the decrease in interest rates, the Turk Eximbank aims to strengthen the export competitiveness of the SMEs and exporters of high-tech products in international markets.