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Report: Turkey passes rules to help banks deal with $17B in tourism loans

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Report: Turkey passes rules to help banks deal with $17B in tourism loans

The Turkish government introduced rules regarding some $17billion in outstanding bank loans to the tourism industry, following a sharpdecline in visitor numbers, Bloomberg News reported April 7, citing a post inTurkey's official gazette.

Under the measure, lenders will through the end of 2016 beallowed to restructure loans to tourism businesses twice before having todeclare them nonperforming, according to the report. Analysts atIstanbul-based Garanti Securities reportedly said the measure will ease some ofthe concerns faced by the tourism industry and "is positive for thebanking sector."

Visitor numbers have fallen in the wake of a series ofterror attacks in major Turkish cities, Bloomberg noted.