Watchdog warns lenders on usage of loans

Watchdog warns lenders on usage of loans

Watchdog warns lenders on usage of loans

The Banking Regulation and Supervision Agency (BDDK) has warned lenders operating in Turkey to strictly check that Turkish Lira-denominated loans granted to individuals and corporates are used properly.

The warning comes on reports that some corporates and individuals have used loans to buy U.S. dollars amid the depreciation of the value of the lira.

Meanwhile, Yakup Asarkaya was appointed as Deputy Chair of the BDDK, according to a presidential decree published in the Official Gazette yesterday.

Mustafa Balcı and Olcay Turan were appointed to the board of the banking regulator.

Newly appointed treasury and finance minister’s new deputies have also been determined by a presidential decree. Mahmut Gürcan and Yunus Elitaş will have been appointed as deputy ministers. They replaced Şakir Ercan Gül and Mehmet Hamdi Yıldırım.

Economic Programs and Research General Manager Ahmet Yalçın Yalçınkaya and Public Finance Director Abdullah Bayazıt were removed from their posts.