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News<br />
100 billion liras loan<br />
package for tradesmen<br />
takes effect<br />
The government’s Treasury-supported<br />
loan package<br />
scheme for tradesmen<br />
and craftsmen has taken effect<br />
following a presidential decree,<br />
Treasury and Finance Minister<br />
Nureddin Nebati has announced.<br />
State lender Halkbank will provide<br />
a total of 100 billion Turkish<br />
Liras ($5.4 billion) to the businesses<br />
at an annual interest rate<br />
of 7.5 percent to be paid back in<br />
60 months, Nebati said.<br />
Under the scheme, the limit of<br />
loans with no interest to be made<br />
available to young entrepreneurs<br />
has been increased from<br />
100,000 liras to 300,000 liras,<br />
while the age limit to be eligible<br />
for those financing has been<br />
increased from 30 to 35, the<br />
minister added.<br />
Meanwhile, President Recep<br />
Tayyip Erdoğan said that interest<br />
rates in Türkiye are coming down<br />
toward single digits.<br />
“Hopefully, interest rates will fall<br />
to single digits, and we will save<br />
our investors and citizens from<br />
the oppression of interest rates,”<br />
Erdoğan said in a speech he<br />
delivered at a ceremony marking<br />
the inauguration of several facilities<br />
in the province of Malatya on<br />
Oct. 22.<br />
Private banks have also started<br />
to lower their interest rates, the<br />
president added.<br />
“We did this in the past, lowered<br />
[the rate] down to 4.6 percent<br />
and inflation then dropped to<br />
5.6 percent. We will increase the<br />
income level of all people.” Erdoğan<br />
has been long advocating<br />
for lower interest rates to ignite<br />
the engine of economic growth.<br />
Earlier this month, he said that<br />
interest rates should come down<br />
to single digits by the end of the<br />
year.<br />
The Central Bank lowered its<br />
benchmark interest rate for the<br />
third month in a row.<br />
It slashed the one-week repo<br />
auction rate from 12 percent to<br />
10.5 percent but signaled that it<br />
may end the rate cut cycle.<br />
“The committee evaluated taking<br />
a similar step in the following<br />
meeting and ending the rate cut<br />
cycle,” the bank said in a statement<br />
released after the Monetary<br />
Policy Committee (MPC) meeting<br />
held on Oct. 20.<br />
12 <strong>SleepTech</strong> • <strong>November</strong> - <strong>December</strong>
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