Turkish reforms disappoint, but loans unfazed

Turkey flag adobe stock AS 230x150
By Lewis McLellan, Mariam Meskin
11 Apr 2019

Turkey’s finance minister, Berat Albayrak, announced an economic reform programme on Wednesday that left bond investors underwhelmed by promises of TL28bn ($4.88bn) of capital support for Turkey’s state banks. However, the loans refinancing season is progressing undeterred.

Bankers and investors had been pinning their hopes on Albayrak’s promised economic reform programme to restore some sense of order to the nation’s turbulent economy. In that respect, Wednesday’s promise disappointed.

“The only number he provided was the promise of TL28bn of state support for the state banks,” said ...

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