They will give social credit scores to banks

They will give social credit scores to banks

TürkiyeA “social credit rating” system is coming for all depository and participation banks operating in . According to the new system that the Central Bank is working on, banks will be divided into different rating groups according to the contribution of the loans they grant to individuals and companies to social well-being. Banks that provide significant prosperity with their loans will have a high social credit score, while banks that use loans to increase their own income will have a low score. While additional support will be provided to banks with high scores and their financial burdens will be eased, additional financial burdens will be imposed on banks with low scores. According to information obtained by SÖZCÜ, the rating system, also known as “social welfare rating”, came to the fore after some banks used the huge resources offered by the Protected Exchange Rate Deposit (KKM) system to increase your own profits. .


During the first period when the KKM was implemented, banks obtained trillions of lira in cheap deposits with public resources and gave the money they received at low interest as loans at high interest rates for any area they wanted, especially consumption.

When the rating system begins, lower required reserve rates will apply to banks that use their resources in areas of production, technology and high value-added investments to increase employment rather than consumption, and public interest rates will be will remain lower. The Banking Regulation and Supervision Agency (BRSA) will also provide support within the framework of its powers. The rating of the banks will be determined jointly by the Central Bank and BRSA.

Cevdet Yilmaz

Once again, public banks have the advantage

It is claimed that with the introduction of the NEW rating system, the required reserve load of banks, especially public ones, will decrease and lending opportunities will expand, which will utilize these loans before the elections. Vice President Cevdet Yılmaz also stated that the work on social credit is close to completion. Speaking at the Planning and Budget Commission of the Grand National Assembly of Turkey, Yılmaz announced that the first meeting on the minimum wage will be held on December 1. The Vice President said that they will listen to both workers and employers regarding the minimum wage. Yılmaz stated that they will do everything possible for pensions below 7,500 lira and said: “The increase in civil servants will also be reflected in retired civil servants. Retired workers typically receive slightly less. “There seems to be a need to balance it,” he said.

Source: Sozcu


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