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Aug 11 2018

Turkey’s Finance Ministry announces two new banks

Turkey’s Minister of Finance, Berat Albayrak on Friday announced that two new banks are set to open as part of a  “new economic model” for the country whose currency has slumped to a record low against the U.S. dollar this week, pro-government Ahaber news  reported.

Albayrak’s announcement arrives as the lira was down by as much as 17 per cent on Friday following a free fall triggered by the U.S.’ decision to apply sanctions against two Turkish ministers over the ongoing detention of U.S. Pastor Andrew Brunson who is accused of membership in terrorist organizations.

Emlak Bank and Kalkınma Bank will be integrated into the new system aiming to address  what Albayrak described as ‘’the absence of sustainability,’’ A Haber reported.

‘’The new system will be sustainable. It will be participatory,” the minister said of the new economic model Albayrak announced on Friday.

The amount of foreign currency lending they have undertaken could mean trouble for Turkey’s banks as the lira takes the lead as the world’s worst performing currency in 2018, surpassing Argentina’s crisis-hit peso.