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Search resuls for: "Nevzat Devranoglu"


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☆ Turkey would write off nearly 30 bln lira of debt under draft law
  + stars: | 2022-10-13 | by ( ) www.reuters.com   time to read: +1 min
ISTANBUL, Oct 13 (Reuters) - A Turkish parliamentary commission began discussing on Thursday a draft bill that would write off nearly 30 billion lira ($1.61 billion) of debt, according to an impact report. Under the draft prepared by President Tayyip Erdogan's AK Party (AKP), the government will waive nearly 27 billion lira of debt used for student housing, as well as 2.7 billion lira in fines issued during the COVID-19 pandemic, the report showed. Ankara will also forego some 2.2 billion lira of revenue as a result of tax reductions for some employers on aid for electricity and natural gas, according to the report prepared by the AKP for the commission. Register now for FREE unlimited access to Reuters.com RegisterThe report also showed a government scheme that protects lira deposits against forex depreciation had led to 18.8 billion lira of tax-related costs since it was launched in December. ($1 = 18.5882 liras)Register now for FREE unlimited access to Reuters.com RegisterReporting by Nevzat Devranoglu; Writing by Ali Kucukgocmen; Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.
☆ Turkey's state banks suspend use of Russian Mir payment system -finance minister
  + stars: | 2022-09-29 | by ( Can Sezer | ) www.reuters.com   time to read: +2 min
ISTANBUL, Sept 29 (Reuters) - Turkey's three state banks have suspended the use of the Russian Mir payment system, Finance Minister Nureddin Nebati told Reuters on Thursday. Two private banks, Isbank and Denizbank, suspended their use of the Mir system last week after Washington expanded its sanctions on Russia, including targeting the entity that runs the payment system. The two other state banks, Halkbank and Vakifbank, have not commented on the issue. NATO member Ankara opposes Western sanctions on Russia and has close ties with both Moscow and Kyiv, its Black Sea neighbours. The Kremlin on Wednesday said Turkish state banks that have stopped using Russia's Mir bank cards are clearly under unprecedented U.S. pressure and the threat of secondary sanctions.
☆ Turkey's Erdogan advises central bank to cut rates at upcoming meetings
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +2 min
Turkey's central bank cut its policy rate by 200 basis points to 12% in the last two months, delivering shocks to markets after inflation surged to 80% in August. The rate cuts are part of Erdogan's unorthodox policy of lowering rates to lower inflation. "We have discussed, are discussing this with our central bank. I suggested the need for this to come down further in upcoming monetary policy committee meetings," Erdogan added. On Wednesday, Erdogan said interest rates will come down to single digits by year-end, despite a global tightening cycle, an ailing currency and soaring energy prices.
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