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ARTICLE · 04 DECEMBER 2013

Higher Savings Mean More Stringent Regulations For Turkish Banking

Herdem Attorneys at Law
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Using credit card is controversial issue in Turkey because rising rate of using credit card can arise problems in terms of financial woes such as consumer borrowing and also high rate of using credit card has concerned government.

TurkeyFinance and Banking
Sinem Herdem
Sinem Herdem
Safak Herdem
Safak Herdem
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Stringent Banking Regulations

Using credit card is controversial issue in Turkey because rising rate of using credit card can arise problems in terms of financial woes such as consumer borrowing and also high rate of using credit card has concerned government. As a result of this, the banking regulator in Turkey has moved to limit on credit card usage. According to the Banking Regulation and Supervisory (BDDK) introduces new regulations and intends to prevent unnecessary expense. In respect to this, there are payment restriction regulations which ensure card holders to use credit card in terms of installment.

The purpose of draft legislation is that card holders keep away from usage of credit card for every spending. In particular, payment in installments will be restricted to six months for purchases in the some sectors such as electronics, jewelry and car rental whereas there will be restrictive to a maximum of 12 months for purchases of furniture and household

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