Turkey's central bank raises credit card cash withdrawal interest rate to 5%, targeting overdraft accounts and increasing the Turkish lira share in banking, effective 16th March.
Turkey's central bank raised the maximum interest rate on credit card cash withdrawals from 4.42% to 5%, aiming to tighten credit card borrowing conditions, reduce access to cheaper credit compared to consumer credit, and increase the share of Turkish lira in the banking system. The move targets overdraft accounts, and follows a monthly increase target for the share of Turkish lira in corporates' deposits. These changes will come into effect on 16th March.
March 15, 2024
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