Turkish companies boycott law on loan payment term decrease

Business Materials 6 December 2013 11:05 (UTC +04:00)

Baku, Azerbaijan, Dec. 6

By Rufiz Hafizoglu - Trend:

Turkish companies are boycotting the law reducing loan payment terms, Sabah newspaper reported today.

Despite the Turkish Banking Supervision Agency announcing a new law on loan terms, most companies in the country increased the loan payment term for 36 months, according to the newspaper.

The Turkish Banking Supervision Agency said on Nov. 27 that a new law on the use of loans will come into force in the country.

According to the new law, the payment term of certain goods bought on credit will be cancelled or reduced in Turkey.

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

It was earlier reported that Turkish companies are opposing a decrease in the loan payment term.

The official exchange rate is 2.0482 TRY/USD on Dec. 6.