Image default
Greek News

Turkey to inject $3 billion into economy in last ditch attempt to salvage failing economy

Turkish President Recep Tayyip Erdogan is doubling down on his highly precarious monetary policies in an effort to buttress the country’s failing economy, while distracting the public’s attention from the gradual depreciation of the Turkish currency.

As - reports:

Turkey’s sovereign wealth fund will inject 21 billion liras ($3 billion) into three state lenders to strengthen their capital positions and minimize the impact of the coronavirus pandemic that may provide a $24 billion boost to the market.

Turkiye Varlik Fonu, the fund also known as TWF, will boost the core capitals of TC Ziraat Bankasi AS, Turkiye Halk Bankasi AS and Turkiye Vakiflar Bankasi TAO, the fund said in an emailed statement. Halkbank and Vakifbank said in separate public filings that the fund will purchase newly issued shares. The fund will finance the cash injection via bond sales by the Treasury and Finance Ministry to banks in the local market, it said.

Ziraat, Vakifbank and Halkbank will each get 7 billion liras from the wealth fund through rights issues, the lenders said. Currently, Ziraat has 6.1 billion liras in capital, while Vakifbank holds 2.5 billion liras and Halkbank 1.25 billion liras.

also read 

Global Coronavirus Stimulus Packages Compared (infographic)

Turkish Lira in free fall

Σχετικα αρθρα

Greece: The application that shows the zone prices for each property is now available

admin

Greek economy: The book of offers for the new 10-year bond has opened

admin

Greece: Huge subsidy for the acquisition of electric taxis

admin

Global Corporation Tax Levels In Perspective (infographic)

admin

To the Moon! And Back? (infographic)

admin

Fair market value up by 40% on property prices

admin

The Rise and Fall and Rise and Fall of Bitcoin (infographic)

admin

EC approves €800 million for support of the Greek tourism sector

admin

Maternity Leave – The Best Countries for Women (infographic)

admin

Philip Morris International and Papastratos S.A. – Leaders in sustainable development

admin

Where Tea Generates the Most Money (infographic)

admin

Tesla Dominated American EV Sales Over The Past 3 Years (infographic)

admin