Turkey reduces timeframe for issuing consumer credits
Baku, Azerbaijan, Jan. 30
By Rufiz Hafizoglu - Trend:
From February 1, 2014 the law to reduce the terms of issue of consumer loans will come into force in Turkey, the Turkish Banking Regulation and Supervision Agency (BDDK) said on its website on Jan.30.
According to the information, on November 27, 2013, the Banking Regulation and Supervision Agency (BDDK) announced that a new law on the use of credits will come into force in the country.
Under the new law, terms of payment for certain goods purchased on credit will be reduced or cancelled. However, Turkish companies have opposed reducing the terms of issuing credit.
According to BDDK, the amount of annual payments on credit cards in the country is 34.6 billion Turkish liras.
The official exchange rate for January 30 is 2, 2234 TRY / USD.
Translated by M.L.
Edited by S.M.