FLEXIBLE PERSONAL LOANS
It has been stated that economic stagnation in Turkey was visibly felt, that the citizens put the “brakes” on expenses, and offering flexible terms on personal loans would increase the demand in the economy. The experts, based on Turkish Exporters Assembly (TIM) statistics, remarked that the exports in August dropped down by 4.9% compared to last August, and reached 10 billion 482 million 987 thousand dollars, and that growth was the most significant remedy for stagnation and therefore, decision makers needed to act in the direction of boosting the economy.
Halit Soydan, Lecturer at IUE Department of Economics, and Former Managing Director of Yapı Kredi and Garanti Banks, said, “Stagnation is widespread. People, especially in developing countries are distressed. Both people and companies are scared to spend money. Investments fell. Yet, people, especially youth is looking for jobs. Turkish economy growth was export-led in the recent years. Turkey’s annual export in the first eight months dropped down to 95 billion 135 million 724 thousand dollars with 8.9% decrease. There is incredible decline in tourism. Antalya is experiencing 40% decline, and many reservations are being cancelled. Growth in Turkey will even drop down below 3. This is very dangerous. Unemployment rate in Turkey is 10% and youth unemployment rate is about 25%. Stagnation creates unemployment. Since growth is the most significant remedy for stagnation, we should focus on growth. If we cannot sell abroad, let’s do it in the country.”
Soydan suggested that lowering the interest rates would boost the domestic economy, however, that was not a possible option, but applying term flexibility would be more beneficial. “Financial Stability Committee”’ in Turkey was very effective, said Soydan and stated the following:
“Increasing rate of bank loans and current deficit status are monitored closely in terms of financial stability. Bank loans especially are subject to scaling as “business” and “personal” loans. Loosening the brake on term restrictions on “personal loans” is on the agenda now. It looks like terms for consumer loans-excluding housing and car loans-, which are limited to 9 months, will be flex. Price stability, of course, will be taken into account, but Turkish economy nowadays needs a little boosting. We believe that flexibility in personal loans is a right move under the given conditions.”
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