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Turkish central bank to raise credit card rates in October

Turkey’s central bank announced its decision to raise the maximum interest rate credit card lenders can charge each month to 2.25 percent for Turkish lira and 1.80 percent for foreign exchange transactions.

The revisions, which are set to come into effect on the 1st of October 2018, represent a 23 basis point increase for lira rates and an 18 basis point increase on foreign exchange from the limits set by the bank for the third quarter.

They follow the central bank’s decision on Thursday to hike its benchmark interest rate by 625 basis points to 24 percent.

Source: Reuters

 

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