Turkey ready to support its banks if needed, Albayrak says

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Turkey is ready to provide required support to its banks should the need arise due to recent developments, Finance Minister Berat Albayrak was quoted as saying by the state-run Anadolu news agency on Tuesday, Reuters reported.

Turkey’s banks face a potential deluge of bad debt after the lira plunged 40 percent this year, driving up the cost for companies to service their foreign currency loans.

Addressing an audience of representatives from the business world, Albayrak also said that budget discipline and price stability would be the pillars of Turkey’s economic policies, according to Anadolu.

Albayrak recently announced a new economic program, sharply cutting the country’s growth forecasts for the next two years due to economic problems.

Turkey’s central bank hiked interest rates on Sept. 13 by 625 basis points to counter the lira’s losses in value.

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