Turkey’s securities will receive support from new measures

Turkey’s sovereign wealth fund will help finance securities after an earthquake on February 6 by using an internal system, officials say.

State lenders will provide Capital to the so-called price stability fund, which will use the cash to buy back shares during periods of volatility, according to the officials, who spoke on condition of anonymity because the decision has not yet been officially made, Bloomberg reports.

The state’s wealth management fund did not want to comment on these allegations.

Turkish authorities are taking measures to support securities ahead of next week’s stock market trading session.

The earthquakes caused 84 bn dollar damage to Turkey’s economy

The earthquakes that hit Turkey caused damage to the economy for 84 bn dollars, Bloomberg reported.

The Turkish Confederation of Entrepreneurs estimates that the earthquake will cost the economy about ten percent of GDP, according to Bloomberg.

The damage to residential buildings is 70.8 bn dollars. The earthquake will lower government revenue by 10.4 billion dollars and cost 2.9 billion dollars in lost labor.

The confederation’s estimate is more than other economists’ estimates. However, ost experts agree it’s too early to say what the final consequences of the natural disaster will be.