Treasury to give credit guaranty fund TL 1 bln

Deputy Prime Minister Nazim Ekren yesterday announced that the Treasury would transfer TL 1 billion to the credit guaranty fund as part of government measures to blunt the impact of the global economic crisis on Turkey's real economy. Stating that the crisis requires meaningful and effective cooperation between the public and private sectors, Ekren said that the credit guaranty fund would be very helpful in this respect. Ekren also said the new move aims to fix the vital credit flow between the financial sector and the real economy by making the credit guaranty fund more effective. Turkey will be better positioned to weather the crisis, largely due to the strength of its banking system, he added.