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1.2 million people in Turkey face property seizure for unpaid bank loans

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More than 1.2 million people in Turkey have been the subject property seizure due to unpaid bank loans in the last 11 months, according to a report drafted by the main opposition party, the Sözcü daily reported on Monday.

The total number of property seizure cases has surged to 21.3 million, the report said, adding that the country currently has TL 140 billion ($24.4 billion) in non-performing loans.

The Turkish economy is on a path to recovery after it survived a currency crisis in the summer of 2018, with its national currency losing 30 percent of its value against the US dollar.

The central bank has cut interest rates by 1,000 basis points since June to allow lending more money to consumers, a move to solve stagnation in certain sectors such as construction.

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