Mubasher: Turkish Treasury and Finance Ministry on Friday announced a raft of measures to ease the local credit market and relieve banks and real economy, including opening credit channels.

“We have been continuing the implementation of our action plan put into effect in order to ease our banks and real sector after the exchange rate increase, as we have been continuing with the policies to neutralize the economic attacks on our country and make the fundamentals of our economy stronger,” the ministry said in its statement.

The Finance Ministry would provide flexibility on credit maturities and pricing to secure cash flow for firms, as well as additional measures to evade obstacles against borrowing for companies.

The announcement came after the Turkish lira (TRY) hit a record trough of TRY 7.24, losing nearly 40% of its value against the US dollar over concerns that President Recep Tayyip Erdoğan’s control over monetary policy and an ongoing feud with the US.