September 28, 2019 / 7:47 AM / 22 days ago

Turkish central bank cuts interest rates on credit cards

ANKARA, Sept 28 (Reuters) - Turkey’s central bank cut the monthly maximum overdue interest rate to 2% from 2.4% for Turkish lira transactions and to 1.68% from 2% for foreign exchange transactions on credit cards issued by domestic banks, it said on Saturday.

The bank advised in a statement that credit card holders with short-term credit needs should seek a consumer loan rather than borrowing on personal credit cards, by taking into account the factors such as pricing and maturity.

The measures will take effect on Oct. 1st (Reporting by Ece Toksabay)

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