Thursday 16, August 2018 by Kudakwashe

Burgan Bank says Turkish business portfolio stable

 

The lira has gone into freefall over concerns about the direction of monetary policy and the recent diplomatic spat between Turkey and the US.

  

Kuwait’s Burgan Bank has announced that it has not seen any major impact on its business portfolio as a result of the recent fall in the Turkish lira, reported Reuters.

Eduardo Eguren, the CEO of Burgan Bank, said that the bank’s decision to fully hedge its investment in its Turkish subsidiary’s capital had protected it from currency fluctuations and the bank has healthy margins as well as a sound liquidity.

The statement follows assurance by another Kuwait lender, Kuwait Finance House, that it was closely monitoring events in Turkey and that it continues to achieve strong and continuous growth rates at all levels of the financing portfolio.

  

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