The Financial Crisis in Turkey- A Factor’s Perspective
For the past six months, factors in Turkey have been living through a financial crisis. Alper Uyar of Aktif Finans and Çim Güzelaydinli of Tekstil Factoring present a summary of economic developments influencing factoring in Turkey during the crisis. In January 2001, Turkey entered into a stabilization programme which had been backed by the International Monetary Fund (IMF) in January 2000. For the last 30 years a climate of high inflation has prevailed in Turkey with the average rate ranging from 25% to 140%. The IMF program was instigated with the aim of lowering the inflation rate to single digit numbers by 2002.
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