Turkish central bank raises maximum credit card rates from October

ISTANBUL (Reuters) – Turkey’s central bank said on Sunday it was raising 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 interest rate where payments are overdue will increase to a maximum 2.75 percent for Turkish lira charges and 2.30 percent for those in foreign currencies.

The revisions, which come into effect on Oct. 1, 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.