By Orhan Coskun and Nevzat Devranoglu
ANKARA, March 1 (Reuters) - Bank loans given out under a
Turkish central bank scheme that supports exports and import
substitution have reached the maximum limit of 100 billion lira
($5.30 billion), two sources said on Wednesday.
Two bankers said no loans under the Advance Loans Against
Investment Commitment scheme had been given out this week and
that the central bank would have to raise the limit for more
such loans to be issued.
Under the scheme, loans bear an interest rate of 9% and a
maturity of 10 years, with several years' grace period. While
they make up only a small percentage of all loans in Turkey,
they have quickly reached the upper limit because they are
focused on exports and cheaper costs.
A source with knowledge of the matter said the limit of 100
billion lira had been reached. "Companies will not be given such
loans at least for some time," a second source said.
Turkey's central bank declined to comment on the matter.
($1 = 18.8830 liras)
(Reporting by Orhan Coskun and Nevzat Devranoglu
Editing by Gareth Jones)
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