Government plans to borrow up to 600m TL a ‘precaution’

THE authorisation given by the Council of Ministers to the Finance Ministry to borrow up to 600 million TL is a “precautionary measure”, Finance Minister Alişan Şan (pictured) has said.

Mr Şan said that the decision was taken with the upcoming “election bans” period in mind, which will limit what decisions and actions ministers and civil servants can take before local elections on November 27.

He claimed that some media organisations had “misinterpreted” the decision in their reporting.

Meanwhile a Treasury Bill tender issued by the TRNC Central Bank to raise borrowing of $12 million for the Finance Ministry attracted a bid of only $7.69 million.