Banking association announces recommendations for banks to limit economic effects of coronavirus in Turkey
The Turkish Banking Association (TBB) on Thursday announced a set of recommendations for lenders to revive business activity amid the novel coronavirus outbreak.
Pointing to Turkey’s economic recovery in the third quarter of last year, the association said in a statement that the negative impact of the virus on economic and social ties would likely curb the rally.
The association aims to support the measures taken to limit the economic fallout caused by the coronavirus and contribute a much as possible to maintaining healthy growth.
“We recommend to our banks that they support their customers who need additional credit and have difficulty paying their debt on time as their income-expenditure balance has been temporarily disrupted due to health developments and measures to limit the outbreak,” the statement read.
The recommendations included improved access to credit facilities and terms, keeping credit channels open, providing flexibility due dates, payments, installments and guarantee conditions.
On Wednesday, Turkey unveiled a relief package worth 100 billion Turkish liras ($15.4 billion) to limit the economic fallout from the coronavirus.
The package, announced by President Recep Tayyip Erdogan, includes debt payment delays and tax cuts across various sectors.
COVID-19 emerged in Wuhan, China last December, and has spread to at least 159 countries and territories. The World Health Organization has declared the outbreak a global pandemic.
Out of over 221,000 confirmed cases, the death toll now exceeds 8,900, while more than 84,000 have recovered, according to data compiled by Johns Hopkins University in the U.S.