Turkey’s Ziraat Bank slashes monthly interest rates on housing loans
ISTANBUL
![Turkey’s Ziraat Bank slashes monthly interest rates on housing loans](http://image.hurimg.com/i/hurriyet/75/0x0/59c9922345d2a027e83da9c6.jpg)
The bank cut the rates to 0.82 percent for loans of up to 24 months. The rates will be 0.9 percent for 25-60-month loans and 0.95 percent for 61-120 months.
The new rates became effective as of Aug. 10, the bank said in a statement. Erdoğan had urged lenders to reduce interest rates for home purchases, describing high interest rates as “oppressive” in a speech on Aug. 4.
Afterwards Banking Regulation and Supervision Agency (BDDK) head Mehmet Ali Akben said they expected a downward revision in consumer, corporate and housing loans.