Turkish state lenders decrease interest rates

By Gokhan Ergocun

ISTANBUL (AA) - Turkey's state lenders -- Ziraat, Halk, Vakif -- announced a drop in interest rates of corporate loans by 200 basis points, following the Central Bank's decision.

The Central Bank cut its policy rate by 200 basis points last week to 16%.

The rate will be implemented as of Tuesday.

Meanwhile, interest rates for housing loans will be 1.29% for residents worth up to 1 million Turkish liras ($102,500) and 1.34% for residents worth more than 1 million Turkish liras.

The current rates for housing loans are around 1.40%.