Turkey ups spending limits for credit cardholders who cannot prove income
Turkey’s banking watchdog increased spending limits on credit cards for bank customers who cannot prove their income, marking a latest step to boost consumer spending.
Such clients can now spend up to 2,000 liras ($292) on their cards, up from 1,300 liras, the regulator said in a statement on its website on Thursday.
Turkey has sought to engineer a borrowing boom to help spur economic growth following a currency crisis in the summer of 2018 and the outbreak of the coronavirus in March. State-run banks have led an increase in lending, taking their total share of the loan market to almost 50 percent.
The regulator said in the statement that banks can no longer demand repayment of debt from credit card holders after three months of non-payment. The measure would remain in place until the end of the year, it said.