Turkey's Central Bank reduces maximum interest rates on credit cards
Turkish Central Bank lowered the maximum interest rates on credit cards, the Russian service of the Turkish state broadcasting company TRT reported.
Monthly interest rate in the Turkish lira on credit cards has been reduced to 2.26 percent, monthly interest on debt - about 2.76 percent.
In addition, in dollar, the monthly interest rate has been decreased to 2.02 and in euro - to 1.9 percent, respectively, the interest on debt hit 2.52 percent for dollar and 2.4 percent - for euro.
Banks will be able to freely define interest rates, so that they have not exceeded the desired figures. Interest rates will be valid starting from January 1, 2011.