"Turks are in debt to Turks
ANKA News Agency / Ankara
12 July 2006
According to the data of the Treasury, Central Bank and Banking Regulation and Supervision Board (BDDK), this figure constitutes 26.2 percent of Turkey’s foreign debt stock. The credit debts which are involved in the foreign debt stock and are the debts of the Turkish citizens and companies to the foreign branches of the Turkish banks, increased by 15.8 percent during the first three-month period of 2006 and reached USD 17.974 billion. The Turkish banks opened new credits worth USD 2.456 billion to the Turkish companies via their foreign branches during the first three months. In order to reduce the burdens on the intermediation costs, the banks prefer to extend credits to the companies in Turkey via their branches in foreign countries. However, the foreign branches provide a great part of these credits via the deposits in Turkey."
More:The New Anatolian
