Turkey Makes It Easier to Borrow After Coup Attempt Hurts Demand
- Repayment periods for consumer loans, credit cards extended
- Restrictions were in place to reduce current-account imbalance
Turks will be given more time to repay some consumer loans as part of a broader effort to revive domestic demand, a key driver of growth in Turkey that has showed signs of slowing since July’s failed coup.
Borrowers can now pay back consumer loans over four years rather than three, Prime Minister Binali Yildirim said on Wednesday in Ankara. Loans and credit card debt can be restructured to be repaid over six years, he said. Annual consumer loan growth fell below 5 percent after the attempted coup, the lowest level in five years.