Turkey's CB drops maximum interest rates for credit cards

Central Bank of Turkey lowered maximum interest rates for credit cards, Anadolu Agency reported. 

A notice published in the Official Gazette on Friday said that maximum monthly interest rate for credit cards was decreased to 2.26 percent from 2.44 percent for Turkish lira transactions. 

The notice said that banks would not implement a higher interest rate than the ones set by the Central Bank as of January 1, 2011. 

Maximum interest rates which would be valid for the three-month period after March 1, 2011 would be made public by the Central Bank, it said. 

Monthly overdue interest rate was dropped to 2.76 percent, it said.