Feb 26 2019

Turkey makes it easier to pay for holidays, computers on credit cards

Turkey’s banking regulator made it easier for Turks to buy items such as computers and holidays on their credit cards.

Turks can now pay for their vacations in 12 monthly instalments, up from a previous nine, Dünya newspaper reported citing the decision.

The period over which people can pay for computers and transportation was increased to 12 months from six months, the regulator said. Health and social services spending can also be spread over 12 months, up from a previous nine months, it said.

The Turkish authorities are seeking the means to reverse a slump in economic activity, brought about by an overheating economy and a currency crisis that peaked in August.

Other steps the government has taken include restructuring credit card debt and other loans, as well as tax breaks and measures to fight inflation, which is running at more than 20 percent.