An expected capital increase will help Turkey's Ziraat Bank to spearhead President Tayyip Erdogan's drive to boost economic growth and tackle chronic current account deficits this year, the head of the country's largest lender told Reuters.
Chief Executive Alpaslan Cakar, who is also chairman of the Turkish Banks Association, said state banks like Ziraat were the driving force in the economy in recent years and would carry on even as they seek to pay dividends in 2023.
Erdogan introduced a "new economic model" in 2021 that prioritises growth, investment and exports and is aimed at flipping Turkey's persistent trade deficits, a major component of the current account. The model relies on targeted loans and low interest rates, in line with his unorthodox view that cutting rates decreases inflation.
In December, Reuters reported citing sources that state-owned banks were in talks with the Treasury and the sovereign wealth fund to"There is no clear figure yet for the capital increase of state banks. We are consulting with the relevant institutions on this issue," Cakar told Reuters at Ziraat's Instabul headquarters.
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