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Turkish economy copes with the pandemic better than all countries

Turkish economy copes with the pandemic better than all countries

Oguzhan Ozbash, deputy head of the Central bank of Turkey, assured that the Covid-19 would do less harm to the local economy compared to other countries, mainly due to its dynamic structure. He added that the economy will recover quite quickly, as soon as the pandemic declines. 

 

For a positive outcome, effective measures are now being taken, for instance, tax cuts for heavily affected sectors and employee financing. 

 

Credit organizations also joined the flash mob; they have provided customers with a flexible loan package and corporate debt restructuring. 

 

In March 2020, the Central bank lowered its key rate to 9.75 from 10.75%. The Central bank revised the rate on late payments and set 1.55% for fees in local currency and 1.30% for operations in foreign currency. The changes entered into force on April 1 of this year.