Law on reduction of consumer loans maturity period comes into force in Turkey
Baku, Azerbaijan, Feb. 2
By Rufiz Hafizoglu - Trend:
The law on reduction of the consumer loans' maturity period came into force in Turkey on February 1, according to the website of the Turkish Banking Regulation and Supervision Agency.
The payment terms for certain goods purchased on credit will be cancelled or reduced in Turkey in line with the new law.
However, the Turkish companies are against reducing the maturity period of loans.
The annual payments via credit cards in Turkey stand at 34.6 billion Turkish liras (approx. $15.2 billion), according to the agency.
On November 27, 2013 the Banking Regulation and Supervision Agency announced that a new law on use of loans will enter into force in the country.
The official exchange rate on Feb. 2 is 2.273 TRY/USD.
Translated by E.A.