...

Amendments to law ‘On protection of consumer rights’ takes effect in Turkey

Business Materials 28 November 2013 15:21
Turkish President Abdullah Gul approved amendments to the law on protection of consumer rights.

Baku, Azerbaijan, Nov. 28
By Rufiz Hafizoglu - Trend:

Turkish President Abdullah Gul approved amendments to the law on protection of consumer rights, Haber 7 TV channel reported on Nov.28.

The TV channel reported that if previously banks in Turkey charged compensation from consumers for the payment of credits earlier that the agreed time, after the amendments to the law, this mechanism will be annulled.

According to the amendments to the law on protection of consumer rights, Turkish banks will have to lower interest rates on loans for consumers who paid credits earlier than the agreed time.

In addition, if loan insurance was a compulsory procedure, according to the amendments to the law, loan insurance will be conducted on a voluntary basis.

According to the official data of the Turkish Banking Regulation and Supervision Agency (BDDK), in total, around 78 billion lira of individual loans and some 230 billion lira of consumer loans have been given in the country.

According to BDDK a total of 104 billion lira and 8.3 billion lira have been given in Turkey for the purchase of real estate and cars respectively.

The official exchange rate on Nov.28 is 2.0154 TRY/USD.

Tags:
Latest

Latest