Turkey plans to raise its borrowing limit

Dünya Executive - - OVERVIEW -

Turkey is preparing to increase its debt limit for the first time since 2009 after borrowing for the first half of 2017 left the Treasury near its legal ceiling. Government officials are working to change the law for 2017 debt by the end of the year, according to a source, with direct knowledge of the unannounce­d plans, who spoke under condition of anonymity. The source declined to say by how much the limit would be raised. The Treasury’s debt limit can be raised by 10% with government approval but any increase above that requires a change in the law. Turkey posted a record budget deficit of TL 25.2 billion in the first half of 2017 after the failed coup made the economy contract for the first time since 2009. (Bloomberg)

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