ISTANBUL: Turkish banks reacted to the government’s new lira-defence scheme by jacking up loan rates in a race to attract lira deposits, in what could be a surprise for borrowers expecting cheaper credit, according to sources. Rates on deposits jumped to more than 20%, from 17% to 18% a week ago, while rising funding costs pushed small and medium entreprises loan rates to more than 30%. These rates had been rising in weeks past but that accelerated this week, bankers said, requesting anonymity.
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2021-12-27 00:00:00.0