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January 2, 2014

Turkey to curb use of credit cards

The Banking Regulation and Supervision Agency (BDDK) in Turkey is set to launch new measures to limit the use of credit cards to pay for goods, as part of its efforts to stem the flow of money spent on imported goods.

By Verdict Staff

The Banking Regulation and Supervision Agency (BDDK) in Turkey is set to launch new measures to limit the use of credit cards to pay for goods, as part of its efforts to stem the flow of money spent on imported goods.

Set to be effective from 1 February 2014, the new measures come at a time when the country’s central bank is working to lower the dependence on foreign capital and cap inflation with the external deficit.

Once the plan is implemented, users will no longer be able to purchase food, electronics and gasoline on an installment basis.

However, the regulator stated that the credit card installment plans for electronics will be limited to nine months, reports worldbulletin.net.

While Turkey’s population is estimated at about 76 million, there were 56.4 million credit cards circulating in the country in the first half of 2013.

In addition, the regulator is limiting bank loans in a move to restrict the country’s growing inflation and current account deficit (CAD).

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