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Turkish banks once again eye textile sector
12
Oct '10
The textile and ready-made garment industry in Turkey has now started getting bulk orders from European importers, looking at which, banks in the country have raised the quantum of loans offered to these industries.

The recent upward trend in the textile sector is seen to be luring the banks, which are now approaching the textile industrialists with loan offers.

During last year's economic slump, the lenders who almost stopped advancing loans to the textile industry, now have adopted a progressive approach over the last six months, and once again, have started offering loans to textile industrialists.

As of now, the lenders are having cash on their hand, while the Turkish Central Bank have hiked the reserve ratio for banks which is seen to bring down lenders profits. Thus, the lenders are now exploring new avenues, by approaching their old contacts.

Industry sources stated that, when during economic slump, some of the small banks adopted stringent attitude and ceased advancing loans to the textile units, the textile units, in turn, opted to pay back their loans to banks in those times of crisis.

Fibre2fashion News Desk - India

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