• Germany prepares financial blockade for Turkey

Germany is preparing a financial blockade for Turkey. Work is underway on reduction of funding banks and companies close to the Turkish government.

Report informs citing the Vestifinance.ru, they are KfW State Bank, European Bank for Reconstruction and Development (EBRD).

According to Bloomberg, although these banks have not officially stopped financing, they began to apply harsh conditions and restrictions.

At the same time, similar steps are taken by commercial banks. For example, Commerzbank taking care of its prestige has decided to reconsider its policy of co-operation with its Turkish counterparts.

These findings are reflected in financial markets. US-dollar exchange rate in Turkey up by 4% to 3.81 TRY from beginning of the week and currently makes 3.78 TRY.

Karabakh Today

26.10.2017 19:50
Category Economy