March 17, 2020 / 5:14 PM / 16 days ago

Turkey grants reprieve for bad loans in coronavirus response

ISTANBUL, March 17 (Reuters) - Turkey’s banking watchdog sought on Tuesday to limit an expected burst of non-performing loans due to a coronavirus-related slowdown, by doubling to 180 days the time allowed for loans to remain unpaid before they are classified as NPLs.

The change will be applied through year end and cover consumer, housing, vehicle and commercial loans, the BDDK watchdog said citing “disruptions to economic and commercial operations due to the virus outbreak” in Turkey and elsewhere.

Reporting by Ezgi Erkoyun; Writing by Jonathan Spicer; Editing by Chris Reese

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