The Central Bank of Turkey (CBRT) unveiled on Tuesday a set of new measures to mitigate the impact of the COVID-19 outbreak on the country's businesses
MOSCOW (Pakistan Point News / Sputnik - 31st March, 2020) The Central Bank of Turkey (CBRT) unveiled on Tuesday a set of new measures to mitigate the impact of the COVID-19 outbreak on the country's businesses.
"The CBRT introduces the following additional measures to (i) strengthen the monetary transmission mechanism by boosting the liquidity of the Government Domestic Debt Securities (GDDS) market, (ii) enhance banks' flexibility in Turkish lira and foreign exchange liquidity management, and (iii) secure uninterrupted credit flow to the corporate sector, and broadly support the goods and services exporting firms, which are affected by the pandemic, with an SME-focused approach," the bank said in a statement.
Within the new set of measures, the bank allowed the use of asset- and mortgage-backed securities as collateral, allocated an additional 60 billion Turkish liras ($9.13 billion) for credits to support exporters and increased the flexibility of several other financial instruments.
As of Monday, the number of coronavirus cases in Turkey was at 10,827, with 168 fatalities.
Globally, more than 800,000 people have been infected with the coronavirus, and over 38,700 have died, according to Johns Hopkins University. The monetary authorities of many countries have been introducing stimulating measures to help their economies amid the pandemic.
