Turkey announced several new measures to support the economy, with authorities saying reining in inflation remained the top priority, in addition to encouraging savings and bolstering the Turkish lira.
The Treasury and Finance Ministry said it will issue domestic bonds indexed to the revenues of state enterprises to encourage lira asset savings, the central bank raised the required reserves ratio for lira commercial cash loans, and the banking watchdog tweaked a maturity limit for consumer loans.
“The fight against inflation remains a top priority. In this struggle the importance of coordination between institutions is clear and all our institutions are acting with the understanding of a joint struggle,” a statement by the ministry said.
Treasury and Finance Ministry said it will start assessing demand for the so-called revenue-indexed bonds on June 15. The new domestic debt instruments would have a minimum yield guarantee in coupon payments, it noted. Page 6