COVID-19 is not only health challenge but affected numerous areas from economy to politics, says head of banking watchdog
Turkey has implemented fiscal, monetary and credit policies to help reduce the fallout from the COVID-19 pandemic, said the head of the Banks Association of Turkey (TTB) on Tuesday.
While banks contributed to successful management of this process, flexible new programs such as loan postponements also had positive effects, Huseyin Aydin said during the TTB’s general assembly in Istanbul, Turkey’s commercial capital.
“Banking services and payment systems continued without interruption,” he underlined.
Banks supported individuals, companies, and public institutions which required financing in the pandemic period, he added.
Mehmet Ali Akben, the head of Turkey’s banking watchdog, said the virus is not just a health challenge, but also affected a wide range of areas from the economy to politics.
Banking Regulation and Supervision Agency (BDDK) measures protected finance sector growth, he said.
In Turkey, 53 banks 33 conventional, 14 development and investment, and six participation are continuing their activities with staff of over 200,000 and 11,335 branches, he said.