Feb 23 2019

Turkey to extend maturities of consumer, car loans

The head of Turkey’s Banking Regulation and Supervision Agency (BDDK) said on Friday that Turkey would extend maturities of consumer loans to 60 months from the current 36 months, and car loans to 60 months from 48 months, Artı Gerçek reported

Instalments for credit card payments would also be extended, said Mehmet Ali Akben, the chairman of Turkey’s bank regulator. 

The move aims to boost domestic consumption, as Turkish economy faces a sharp slide contracting by a quarterly 1.1 percent in the three months to September.

Turkish consumers are slashing spending and the consumer confidence fell for a third-straight month in February, after Turkish lira dropped by 28 percent against the dollar in 2018 and annual inflation surged to more than 20 percent.