Turkish PM calls on population to reduce credit card use

Photo: Turkish PM calls on population to reduce credit card use / Business News

Baku, Azerbaijan, Dec.2
by Rufiz Hafizoglu - Trend:

Turkish Prime Minister Recep Tayyip Erdogan has called on the country's citizens to reduce the use of credit cards, The Lira newspaper reported on Dec.2.

The use of credit cards damages the interests of the people and only banks get revenue from it, Erdogan said.

There are banks the annual revenues of which from the use of credit cards are equal to the total annual revenues of several other banks, the prime minister added.

The volume of annual payments on credit cards amounts to 34.6 billion lira, according to Turkish Banking Regulation and Supervision Agency (BDDK).

A new law on the use of loans will come into force in Turkey, Turkish Banking Supervision Agency said on Nov.27.

The payment terms of certain goods bought on credit will be cancelled or reduced in Turkey in accordance with the new law.

The official exchange rate on Dec.2 is 2.0174 TRY/USD.

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