Turkish treasury to issue 3.7bn euro debt instrument to strengthen state banks' capital

ANKARA: Turkey's Treasury said on Monday it will issue 5-year debt instruments worth a total of 3.7 billion euro to strengthen the capital of state banks and state Islamic lenders.

The government debt securities will be issued to the Market Stability and Balance Fund (PIDF), it said, adding that the fund will sell the securities to state lenders and buy back bank bonds and provide loans to strengthen their capital.