Turkey tightens credit card borrowing terms for holiday purchases

Turkey’s banking watchdog reduced repayment terms for consumers who purchase holidays, flights and hotel stays with their credit cards.

Turks may now repay the cost of the purchases over three months compared with a previous six months, the watchdog said on its website on Monday.

The Turkish authorities have eased repayment terms for the purchase of consumer goods and services after a currency crisis ravaged economic activity in the summer of 2018. The government is now seeking to prevent a possible upsurge in consumer spending, which helped spark the crisis, after the economy showed signs of returning to growth and borrowing surged.