Turkey's Export-Import Credit Bank announced a three per centage point cut in interest rates effective Friday, 15 August 2003.
In a written statement Eximbank general manager Ahmet Kilicoglu said it was the fifth rate cut in interest rates in the last four months, bringing the total to 15 per centage points.
Interest rate on pre-shipment and export preparation loans were curbed to 24-32 per cent for a 180-day term and 27-35 per cent for a 360-day term.
Kilicoglu's statement said Eximbank has extended a total of $1.8 billion loans to exporters during January 1-August 15, a rise of 37 per cent when compared to the same period of last year.
Source: Turkish Daily News
