Turkish banks increase lending to small, medium businesses by 36 percent

Business Materials 8 February 2014 15:16

Baku, Azerbaijan, Feb. 7

By Rufiz Hafizoglu -Trend:

In 2013 the volume of banking sector's lending to small- and medium-sized businesses in Turkey increased by 36 percent, reaching 271.4 billion Turkish liras as compared to 2012, according to a message from the Banking Regulation and Supervision Agency (BDDK).

Over this period some 42.3 percent of total loans issued by domestic banks accounted for medium-sized businesses, and the rest - for the small businesses, according to the message.

By late 2013 the banking sector's total loan portfolio stood at 990.4 billion Turkish liras.

There are 49 banks in Turkey.

The official exchange rate on February 8 is 2.2209 TRY/USD.

Translated by E.A.