 loan deal with Deutsche Bank for up to five years, reflecting what it called the Turkish economy's more positive trajectory, Reuters reported.){kind=link}
Turkish state lender Ziraat Bank said on Friday it had signed a 1.75 billion euro ($1.9 billion) loan deal with Deutsche Bank for up to five years, reflecting what it called the Turkish economy’s more positive trajectory, Reuters reported.
Turkey’s largest lender by both assets and loans, Ziraat said the deal would help it continue to support exporters and other sectors that are a priority for economic development.
German lender Deutsche Bank did not immediately comment.
Turkey’s newly appointed central bank and cabinet leaders have launched a series of aggressive interest rate hikes and other regulatory changes meant to leave behind years of unorthodoxy under President Recep Tayyip Erdoğan.
Foreign investors – having long abandoned Turkish assets due to past policies – have begun tip-toeing back with bond purchases, driving Turkey’s 5-year credit default swaps (CDS) to below 300 on Thursday for the first time in years.
Ziraat said the deal reflected “the positive developments in our country’s economy, recently improving investor sentiment and financing conditions.”
“We will continue to support close cooperation with our international partners and our economy, namely our exporters,” it said.