Turkey will limit credit card usage

Business Materials 6 November 2013 14:35 (UTC +04:00)

Baku, Azerbaijan, Nov. 6

By Rufiz Hafizoglu - Trend: Turkey expects to impose restrictions on the use of credit cards in the tourism sector, Turkish Banking Supervision Agency said today.

According to the report, the country expects to cancel the opportunity of buying cars using credit cards.

According to official statistics, around 68 per cent of foreign and domestic tourist trips in Turkey is payable by credit cards.

It was reported earlier that a single limit will be set for credit cards in Turkey that is a single loan amount will be transferred for each borrower's card.

According to the report, currently a single limit has not yet been determined although according to preliminary data, it can be equal to the fourfold amount of the average monthly salary which is around 2000 lira.

The report also says that at present the Turkish population has 56.5 million credit cards and 96.6 million debit cards.

According to the Turkish Banking Supervision Agency, the amount of annual payments on credit cards is 34.6 billion Turkish lira.

The report said 30 per cent of credit cards used in the country have a limit of up to 2000 lira, 10 per cent up to 10,000 lira and four per cent more than 20,000 Turkish lira.

According to the report, all inactive cards will be canceled in Turkey.

The official exchange rate is 2.0235 TRY/USD on Nov. 6.