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Search resuls for: "Ebru Tuncay Jonathan Spicer"


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☆ Before Turkey votes, factoring companies charge record high rates -sources
  + stars: | 2023-05-10 | by ( Ebru Tuncay Jonathan Spicer | Ebru Tuncay | Jonathan Spicer | ) www.reuters.com   time to read: +3 min
Sources said some factoring companies were giving loans with a 70% interest rate, up from 30% in February. For the first time, the rates offered by banks and factoring firms are aligned," he said. Corporates which are not able to get loans from banks are now borrowing from factoring firms with high level of interest, said another banking source. The source said factoring companies and banks can use a funding facility at the Istanbul Settlement and Custody Bank (Takasbank) and these loans' interest rates are around 45%. "Some brokerage houses either trimmed down the leverage ratio for their clients or closed their positions due to the increasing interest rates at Takasbank.
☆ Two Turkish banks suspend Russian Mir payments after U.S. sanctions
  + stars: | 2022-09-19 | by ( Ebru Tuncay Jonathan Spicer | Ebru Tuncay | Jonathan Spicer | ) www.reuters.com   time to read: +3 min
REUTERS/Murad SezerISTANBUL, Sept 19 (Reuters) - Turkish lenders Isbank and Denizbank have suspended use of Russian payment system Mir, the banks said on Monday, following a U.S. crackdown on those accused of helping Moscow skirt sanctions over the war in Ukraine. The suspensions by two of the five Turkish banks that had been using Mir reflect their effort to avoid the financial cross-fire between the West and Russia, as the Turkish government takes a balanced diplomatic stance. In April, he said Russian tourists - critical to Turkey's beleaguered economy - could easily make payments since the Mir system was growing among Turkey's banks. One banker said worries that so-called secondary sanctions could target Turkish banks or firms affected markets. The expanded U.S. sanctions last week targeted the chief executive of the Bank of Russia's National Card Payment System (NSPK), which runs Mir.
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